Page 79 - P6 Slide Taxation - Lecture Day 5 - VAT Part 1

Debit/Credit notes When a

supply is

cancelled

Amount VAT on tax invoice < actual VAT charged = issue a debit note

Amount VAT on tax invoice > actual VAT charged = issue a credit note

Charged output tax Claimed input tax

on supply
previously previously

Δ in amount of output tax that Δ in amount of input tax that

should be charged (necessary should be claimed (necessary

documentation) documentation)

Output > Output < Input > Input <

Additional Claim Additional Pay output
output tax input tax input tax tax