Businesses need to prepare for VAT changes which come into force next week, South Wales independent chartered accountants WBV Ltd has warned.
The Swansea and Neath based firm is reminding companies that the rules surrounding VAT declaration on prompt payment discounts (PPDs) are changing from 1 April 2015.
PPDs offer a reduction to the price of goods and services between a supplier and customer if the customer pays promptly. This is to encourage customers to pay after an invoice has been issued and ahead of the date that the full payment is due.