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The Book-keepers Forum -> VAT, Payroll & Tax -> VAT on Credit card surcharge
Post Info TOPIC: VAT on Credit card surcharge
numbnumber


Veteran Member

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VAT on Credit card surcharge
 

When charging a customer for goods and they are paying by credit card we normally charge a 4% surcharge on the net amount of the invoice and do not charge VAT on the surcharge.  Is this the correct proceedure as there seems to be conflicting information?

 

Roz



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Roz
VinceH


Senior Member

Status: Offline
Posts: 410
Date:
 

VAT notice 701/49 (November 2011) section 4.7:

4.7 Accounting for VAT on retail credit, debit and charge card sales

If you are a retailer:

  • you must account for VAT at the time of supply (see Notice 700 The VAT Guide) on the full price charged to the customer for the goods/services supplied, and
  • if you charge for accepting payment by one of the above cards, the charge is further consideration for the supply of goods/services. VAT is chargeable at the same rate as the goods or services supplied.


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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)
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