Time of supply ― tax points in special circumstances
Value Added Tax
Guidance
The nature of the supply can affect how the time of supply is determined. For example, there is no basic tax point for continuous supplies of services. The table below provides examples of supplies, the nature of which may affect the tax point. For detailed commentary on the tax point rules, see
Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™
Popular Articles
Corporation Tax
Non-trading deficits on loan relationships
Non-trading deficits on loan relationshipsOverview of non-trading deficits (NTDs)When a company’s debits on its non-trading loan relationships and derivative contracts in an accounting period exceed the credits on its non-trading loan relationships and derivative contracts in the same period (the
Corporation Tax
Qualifying charitable donations
Qualifying charitable donationsCompanies can obtain corporation tax relief for qualifying payments or certain transfers of assets to charity under the qualifying charitable donations regime. Definition of qualifying charitable donationThe definition of ‘qualifying charitable donations’
Owner-Managed Businesses
First year allowances
First year allowancesFirst year allowances (FYAs) are available on the following items:•first-year relief on qualifying new main rate plant and machinery (at 100%, which is described by HMRC as ‘full expensing’) and special rate assets (at 50%) from 1 April 2023 (companies only). These FYAs were
