3. VAT Documentation Flashcards
1
Q
What is the Tax Point?
A
The date of supply for VAT purposes
2
Q
What is a basic tax point?
A
When either goods are made available to be collected or services are performed/ completed
3
Q
What is an actual tax point?
A
It is the date of a tax invoice/payment before the basic tax point. Or the date of the the tax invoice if within 14 days after the BTP. If a tax invoice not received before or after BTP (14 days) you use the BTP as the ATP.
4
Q
When should a business supply a VAT invoice?
A
Within 30 days of the payment being received or when the goods/service is dispatched (whichever one is earlier). When selling to someone who is not VAT registered or when selling zero rated/ exempt goods, you do not need to supply a VAT invoice.
