The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview the IPT accounting requirements.
Once the business is registered for IPT it will need to account for IPT on all taxable insurance contracts at the appropriate rate from its effective date of registration. The date of registration will be shown on the Certificate of Registration issued by HMRC. Please see the IPT – Registration requirements guidance note for more information on registering.
IPT must be accounted for on the return that covers the period in which the tax point occurred.
The creation of a tax point triggers the requirement to account for IPT on taxable insurance contracts. IPT will be due 1 month after the end of the accounting period in which the tax point has been created. The date the tax point is created will depend upon which accounting method used by the business:
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