Hello there,
I'm seeking clarity on the actual tax point given such information as:
basic tax point - 06/01/2020
date of payment - 28/12/2019
sales invoice issued - 20/01/2020
my question is if the invoice is issued within 14 days, does this supersede the date of payment as the actual tax point?
Joe
Ask the Tutor ACCA TX-UK
VAT (Tax Point)
If an invoice is issued or payment received before the basic tax point, then this becomes the actual tax point irrespective of the invoice subsequently being issued within the 14 days following the basic tax point.
In the example above therefore the actual tax point will be 28/12/2019
thanks
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