Page 7 - P6 Slide Taxation - Lecture Day 3 - VAT Part 1
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The accounting basis (s 15)
- Determines the timing of VAT payable/refundable
Invoice basis***Payments basis
Account for VAT at on the first of:VAT is accounted for when:
- invoice issued or - Payment is made (purchases)
- Payment is received (sales)
- payment received
Compulsory for Co‟s & CC‟sRefer requirements: Silke
***Exception on „time of supply rules‟= with a TS of fixed property [s 9(3)(d)]
= Connected persons [s 9(2)(a)]
