On the VAT issue, I think the relevant section that would typically apply to customer credits/overpayments is S8(27) "For the purposes of this Act, where any amount received in respect of a taxable supply of goods or services at the rate specified in section 7 (1) exceeds the consideration charged for that supply, and such excess amount has not been refunded within four months of receipt thereof, that excess amount shall be deemed to be consideration for a supply of services performed by the vendor in the course or furtherance of that vendor’s enterprise on the last day of the tax period during which that four month period ends."
Reply With Quote
Did you like this article? Share it with your favourite social network.