Time of supply ― basic tax points

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides information about basic tax points. Depending on the order of events in relation to when a supply is made, an invoice is issued and the supply is paid for, a supply may have a basic tax point and one or more actual tax points. Actual tax points can override basic tax points. For information about actual tax points, see the Time of supply ― actual tax points guidance note.

For detailed commentary on the tax point rules, see De Voil Indirect Tax Service V3.131 to V3.143.

How to identify the basic tax point of a supply

There are three kinds of event that can trigger a basic tax point for goods and one for services. See the separate sections below. When identifying the basic tax point of a supply, the first step is to identify whether the supply is a supply of goods or a supply of services. When that has been determined the next step is to consider which tax point applies.

For information on how to identify

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Corporation Tax

Enterprise investment scheme tax relief

Enterprise investment scheme tax reliefOverview of EIS tax reliefsThe enterprise investment scheme (EIS) offers significant tax reliefs to encourage individuals to invest money in qualifying shares issued by qualifying unquoted companies. The scheme is designed to encourage investment in small,

14 Jul 2020 11:36 | Produced by Tolley Read more

Personal Tax

Inter-spouse transfer

Inter-spouse transferIntroductionWhen a chargeable asset is transferred between two spouses or civil partners, there is a disposal by the transferor spouse / civil partner and an acquisition by the transferee spouse / civil partner for capital gains tax purposes. For simplicity, spouses and civil

14 Jul 2020 12:01 | Produced by Tolley Read more

Owner-Managed Businesses

Class 4 national insurance contributions

Class 4 national insurance contributionsWhat is Class 4 NIC?Class 2 and Class 4 national insurance contributions (NIC) are paid by self-employed individuals and partners in a partnership on their profits arising within the UK. This guidance note considers Class 4 contributions. For Class 2

14 Jul 2020 11:13 | Produced by Tolley Read more

��˾��ҹ��

Time of supply ― basic tax points

Time of supply ― basic tax points