The date of supply determines when tax becomes due. It is not always the date cash is received or the invoice is entered into the accounts. Review the rules relevant to the transaction, particularly deposits, advance invoices and continuous supplies.
Practical review checklist
- Compare invoice, payment, delivery and completion dates.
- Review recurring contracts and milestone billing.
- Document the cut-off used in each reporting period.
Check the rules for your transaction
Use the current official FTA guidance and legislation and VAT public clarifications. This introductory guide does not cover every exception. Confirm the requirements for your business and the period concerned.
Need help reviewing your records?
Explore BWMC VAT consultancy or contact the team with the transaction type, reporting period and issue you need to resolve.