Commentary

V7.418 Slow invoicing procedures—tax point rules

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.418 Slow invoicing procedures—tax point rules

Part V7 Tax planning | Commentary

V7.418 Slow invoicing procedures—tax point rules

This is very common in business – a busy client is working so hard that he forgets to raise tax invoices promptly.

In these circumstances, it is useful to return to the basic tax point rules that apply.

  1.  

    •     Basic tax point – this occurs at the time the supply of goods actually takes place, ie the point when goods are delivered to the customer. This transfer of ownership creates a supply – and a liability to the tax. However, the basic tax point is overridden if an 'actual' tax point is created.

  2.  

    •     Actual

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial