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Hi,
I am working ‘Aston Martyn’ taken from June 2011. Question (c) asks to explain when and how he should account for VAT in respect of supplies of services he receives from VAT registered businesses situated elsewhere within the EU. I am aware that VAT in relation to this must be accounted for according to the date of acquisition, however according the the notes it says earlier of:
– date VAT invoice is issued; or
– 15th day of the month following the month in which goods entered UK / services completedHowever, the question states that it is the earlier of:
– date that service is completed
– date that service is paid forCould you kindly let me know which one is correct please?
Thanks!
The course notes give you the tax point for the acquisition of goods only, whereas the question is dealing with the supply of services and the answer you quote for it is correct.
Oh ok so the acquisition of goods and the supply of services from VAT registered businesses within the EU are accounted for differently? I assumed they were the same!
The tax point is different but the system of accounting for the output and input tax on the VAT return is the same and that is the most important aspect to know.
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