Recent content by Munchkette

  1. M

    VAT on wholesale or trade discount

    It would appear that those 3 companies you can think of are all doing it wrong, because there is a standard method for applying a trade discount. At least according to HMRC and the Association of Accounting Technicians How do I calculate VAT for trade discounts? To...
  2. M

    VAT on wholesale or trade discount

    Actually no according to HMRC and the Association of Accounting Technicians they cannot "offer whatever discount they please". The discount should be applied to the net price of the item, then vat is added to the discounted net price. How do I calculate VAT for trade discounts...
  3. M

    VAT on wholesale or trade discount

    :( Doesn't seem right that they can discount however they want. Isn't there some kind of standard practice?
  4. M

    VAT on wholesale or trade discount

    I've just started up as a sole trader, I have not registered for VAT as I'm no where near the threshold therefore I cannot claim back VAT charged on purchases from suppliers which is fine by me. I am just wondering whether I'm being overcharged VAT by a supplier. They offer a 50% discount for...
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