Time of supply ― basic tax points

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides information about basic tax points. Depending on the order of events in relation to when a supply is made, an invoice is issued and the supply is paid for, a supply may have a basic tax point and one or more actual tax points. Actual tax points can override basic tax points. For information about actual tax points, see the Time of supply ― actual tax points guidance note.

For detailed commentary on the tax point rules, see De Voil Indirect Tax Service V3.131 to V3.143.

How to identify the basic tax point of a supply

There are three kinds of event that can trigger a basic tax point for goods and one for services. See the separate sections below. When identifying the basic tax point of a supply, the first step is to identify whether the supply is a supply of goods or a supply of services. When that has been determined the next step is to consider which tax point applies.

For information on how to identify

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Owner-Managed Businesses

Allowable expenses for property businesses

Allowable expenses for property businessesGeneral itemsMany of the principles applying to allowable expenses for property businesses are similar to those that apply for trading and the rules for individuals in a property business are generally the same as for companies with some exceptions which are

14 Jul 2020 13:26 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax, part of AMS Group Read more

Tax Returns

Value Added Tax

Reverse charge ― buying in services from outside the UK

Reverse charge ― buying in services from outside the UKThis guidance note covers the reverse charge that applies to services that have been bought in from outside the UK. For an overview of VAT and international services more broadly, see the International services ― overview guidance note. For

15 Dec 2020 14:02 | Produced by Tolley Read more

Corporation Tax

FRS 102 ― tax presentation and disclosures

FRS 102 ― tax presentation and disclosuresPresentation of tax under FRS 102An entity must present changes in a current tax liability (or asset) and changes in a deferred tax liability (or asset) as a tax expense (or income) unless the item creating the current or deferred tax amount is recognised in

14 Jul 2020 11:46 | Produced by Tolley in association with Malcolm Greenbaum Read more

��Ӱ��