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Do I pay VAT on this?

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  • 14-05-2021 11:32am
    #1
    Firblog
    Registered Users Posts: 1,985 ✭✭✭


    Hi

    I supply an 3rd Level college with some small bits n pieces, usually they are very good at paying on time, but recently they were late with payment on 2 invoices by a couple of days; when they did pay they over paid, I raised it with the accounts dept and they said that the diff was a late payment fee, and a percentage per day late charge - all in all they over paid by about €40 for each of the 2 invoices.

    How do I record this income? Does VAT have to be paid on it?

    Obviously it's not make or break either way, but just like to know the correct way to handle something like this.

    Cheers


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    #2
    adrianw
    Registered Users Posts: 236 ✭✭adrianw


    Firblog wrote: »
    Hi

    I supply an 3rd Level college with some small bits n pieces, usually they are very good at paying on time, but recently they were late with payment on 2 invoices by a couple of days; when they did pay they over paid, I raised it with the accounts dept and they said that the diff was a late payment fee, and a percentage per day late charge - all in all they over paid by about €40 for each of the 2 invoices.

    How do I record this income? Does VAT have to be paid on it?

    Obviously it's not make or break either way, but just like to know the correct way to handle something like this.

    Cheers

    No VAT applies.


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