Jets Ltd received an order on 30 July, delivered the goods to the customer on 20...
Jets Ltd received an order on 30 July, delivered the goods to the customer on 20 August and issued a sales invoice on 30 August. Payment was received on 13 September. Which of the following dates would be the tax point for VAT purposes?
a) 30 August
b) 20 August
c) 30 July
d) 13 September
Homework Answers
Answer: a) 30 August
Explanation
| Situation | Tax point |
| No invoice needed | Date of supply |
| VAT invoice issued | Date of invoice |
| VAT invoice issued 15 days or more after the date of supply | Date the supply took place |
| Payment or invoice issued in advance of supply | Date of payment or invoice (whichever is earlier) |
| Payment in advance of supply and no VAT invoice yet issued | Date payment received |
Since invoice is issued within 15 days of the date of supply, Tax point for the VAT purposes is 'Date of invoice'.
Hence, tax point is '30th August'.
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