The value used for VAT may need adjustment for discounts, non-cash consideration or other specific circumstances. An amount received in the bank is not necessarily the correct taxable value of the supply.
Practical review checklist
- Reconcile the contract price, invoice and any credit notes.
- Check whether quoted amounts include VAT.
- Review foreign currency and related-party transactions using the applicable rules.
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.