˾ҹ

Home / De-Voil / Part V16 Forms and other HMRC material / Division V16.5 Information Sheets / Information Sheets / V16.885 New time of supply rules for on-going supplies
Commentary

V16.885 New time of supply rules for on-going supplies

Part V16 Forms and other HMRC material

Information Sheet 14/03, 20 October 2003

This Information Sheet provides guidance on new time of supply rules for certain on-going supplies. They were announced as part of Budget 2003 and, following a period of consultation, have effect from 1 October 2003.

1 Introduction

1.1 What is this Information Sheet about?

Under the VAT rules all supplies have what is known as a time of supply or “tax point”. The tax point serves a number of purposes but the most common is in fixing the time at which you are required to account for VAT. There can be various tax points depending on what is being supplied.

There are special rules for some supplies which are on-going and are sometimes referred to as continuous supplies. Generally speaking a tax point for supplies of this nature only occurs when you issue a VAT invoice or receive a payment, whichever is the earlier. This Information Sheet provides further information about a new periodic tax point that has been introduced from 1

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial

Web page updated on 24 Aug 2024 10:59