VAT - Tax Point

Question 1

What is the tax point?

Answer 1

The date of a supply (good or service)

Question 2

Why is a tax point important?

Answer 2

It helps us see which quarter the VAT is taxed in

Question 3

If the VAT rate changes, what does the tax point determine?

Answer 3

The tax point (date of supply) determines which rate should be charged on a transaction

Question 4

The VAT period in which a transaction falls is determined by the…

Answer 4

Tax point (date of supply)