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finance 29 Rebrand marks milestone for HWB


HWB is marking a major milestone – three decades supporting regional businesses from corporates to start-ups, SMEs to schools


As it celebrates its 30th birthday, the Southampton firm now works with more than 1,200 business clients each year and employs a team of 50 staff, making it one of the largest independent accountancy firms in the region.


The birthday is being marked with a rebrand to take the firm into the next decade – and also with a prestigious appointment and a key internal promotion.


The first appointment is David Brookes, formerly audit partner with Baker Tilly. Brookes brings 30 years of experience, knowledge and contacts to the HWB team with expertise in property and construction, the marine sector, distribution businesses and


latest investments and we are good at developing new talent.“


One of the three founding directors, Alan Williams, said: “We’re really looking forward to turning the page on the next chapter in the history of the business. Every aspect of our brand has a new look and feel. But our principles are the same as they’ve always been – to take a proactive approach to every client’s business, working alongside them as business advisers as well as accountants.


Geoff Rhodes (centre) with Gary Brown (left) and David Brookes


manufacturers plus the charity and pensions sectors.


His wealth of knowledge and connections in the regional business community enables him to help firms with their growth strategies.


As well as Brookes’ appointment, the firm has promoted Gary Brown, to associate director. Chartered accountant and business adviser, Brown joined HWB in 2006 and has developed an extensive portfolio


Are you ready for the VAT changes?


From April 1, 2015 VAT law in connection with prompt payment discounts changed, writes Andy Dawbarn, VAT partner Wilkins Kennedy


Up until April 2015 the VAT legislation was relatively simple relating to prompt payment discounts with the amount of VAT declared on the invoice as well as the amount of VAT the recipient of the supply can treat as input tax being calculated on the discounted price. The amount of VAT did not change even if the prompt payment discount is not taken up by the customer.


The new rules are more complicated and could lead to errors unless procedures are in place to ensure the correct amount is recorded.


There are now two routes which the supplier can take if a prompt payment discount is offered and taken up. The supplier invoice must show the VAT calculated


on the full price irrespective of whether a prompt payment discount is offered or not. If a prompt payment discount is offered then the rate of the discount must be shown on the invoice.


No further steps need be taken if the prompt payment discount is not taken up. However if it is, the supplier’s two options are:


1 Issuing a credit note


If the prompt payment discount is taken up the supplier will issue a credit note to include the VAT amount. This is treated just like any other credit note and be processed through the VAT account for both the supplier and customer with adjustments made in the usual way.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2015


of clients with a specialism in professional services firms.


Managing director Geoff Rhodes said: “Despite being in business for three decades, we are always looking for ways to push the firm on and deliver even better service for clients. Talented professionals are our bedrock so we’re always looking for people to bring new dimensions to the team. The promotion of Gary and the appointment of David are our


2 No further action


If, as a supplier, you decide not to issue a credit note, the following additional information will need to be included on the original invoice:-


The terms of the prompt payment discount which must include the time by which the discounted price must be paid; and a statement that the customer can only recover as input tax the VAT paid to the supplier HMRC suggests that it might be useful to also include:


• the discounted price;


• the VAT on the discounted price; and


• the total amount due if the prompt payment discount is taken up.


HMRC also suggests that the following wording is used on the invoice:


“A discount of X% of the full price applies if payment is made within Y days of the invoice date. No credit note will be issued. Following payment you must ensure you have only recovered the VAT actually paid.“


www.businessmag.co.uk


“We act as a sounding board, becoming a business ally, offering creative and consultative advice – and, of course, delivering value.“


Details: David Brookes and Gary Brown 023-8046-1200 www.hwb-accountants.com


If the discount is taken up the supplier, as they will have recorded output VAT based on the full price, will need to adjust the output tax amount.


If, as a customer, you receive an invoice with a prompt payment discount on it stating that no credit note will be issued then you will need to decide how to process the input VAT. The treatment will depend on whether you take up the discount. The most important point to remember is if the discounted price is paid then any VAT initially claimed as input tax, based on the full amount, would need to be adjusted to reflect the lower amount of VAT on the discounted price.


Details:


01784-435561 www.wilkinskennedy.com


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