I'm looking to take on a new project and part of the deal would be that I'd invoice the client's customers for advertising (standard rated) in the client's magazine.
I will then be providing the client with a printed magazine (zero-rated). When invoicing the client for this I would deduct the revenue already received from their customers for the print, charging them only the difference (if revenue is less than the charge for print) and my service fees on top.
Are there any vat implications by doing this or should I be crediting the revenue in a different way?
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