HMRC Changes for EDI Invoices with Settlement Discounts

New legislation is came into force on the 1st April 2015 regarding settlement discounts and how they are communicated on both paper and electronic invoices.

The new legislation states that in terms of electronic invoices generated from an EDI process,

VAT must now always be presented based on the full invoice value.

Your EDI solution may require changes to ensure that invoices continue to be calculated correctly from1st April 2015. These new legislative changes could mean the settlement discount process must be conducted after the invoice has been processed.

The Atlas team have been working hard to firstly raise awareness of these changes and subsequently make necessary improvements to the solutions we provide. Many of our solutions have been updated globally but if you are currently making use of settlement discounts and haven’t let the Atlas team know, you can contact us on +44 (0)1942 252000 or complete our dedicated form by clicking here.

If your company currently uses settlement discounts or plans to in the near future, please click here to let us know.