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Hi,
This might be a stupid question, but I can’t quite work out the answer. Basically, is it common for the VAT tax point (say for output tax) to be a different date to when the corresponding revenue was recorded? If that’s right, how to you account for such a scenario? I can’t get my head around it!
Many thanks.
Not an exam issue – but usually the tax point is the invoice date so the revenue will be recorded at the same time
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