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This is the basic tax point and is when you should account for the VAT on the full value of the goods.
This basic tax point may be over-ridden and an actual tax point created if you issue either a: If you use the cash accounting scheme, goods that you sell under credit sale or conditional sale agreements are excluded from the scheme.
For example, where a payment is received before the goods or services are supplied.
If you decide to do this then you should declare VAT at the old rate on the value of the goods supplied or services performed before the change in rate, and at the new rate after the rate changed.
If the payments are going to be made regularly you can issue a VAT invoice at the beginning of any period of up to a year for all the payments due in that period, as long as there’s more than 1 payment due.
For each payment you should set out on the invoice the: If you decide to issue an invoice at the start of a period, you do not have to account for VAT on any payment until either the date the payment’s due or the date you receive it, whichever happens first.
VAT is due on the selling price to your customer, even if you receive a lower amount from the finance company.A tax point is the date you have to account for VAT on the sale of goods or the supply of services.There are different types of tax points and you’ll need to make sure you get the right transaction on the right VAT Return.In this case you declare VAT on the full selling price when you make the supplies.When you make credit sales involving a finance company, the finance company either: If the finance company becomes the owner of goods, you’re supplying the goods to the finance company and not your customer. So you account for VAT on the value of the goods at the time you supply them to the finance company.