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I'm looking at taking the level I exam next week but I was wondering how up to date the exam is.
I ask because of the new changes to the way VAT is handled on settlement or prompt payment dicounts. The revision book I'm working through uses the old interpretation.
While the new VAT handling is not legally required until next April a lot of companies are laready in the process of chinaging the way they hadle VAT.
I assume any questions in the exam using settlement discounts will make it clear which interpretion should be used in answering it?
Any thoughts without breaking forum rules
Thanks
Kevin
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