John Bell wrote: > The VAT rules aren't too bad once you get used to them. > > From the UK VAT guide > "14.2.3 Deposits > Most deposits serve primarily as advance payments and will create > tax points under 14.2.2(a) when you receive them." > > The general rule is that a tax point (the time at which you need to > account for the tax) is created a) when you issue a VAT Invoice or b) > When you receive payment - whichever happens first. > > i.e. you have to account for VAT at the time when the prepayment is > received. This also requires the issue of a VAT Invoice. A credit memo > would not do this. >
I had always read that to mean that when you finally raise the invoice the tax point needs to be the tax point as defined by a bunch of rules which boil down to the sooner of a) money received and b) invoice raised. I had not read it that the invoice NEEDS to be raised at the point you receive the prepayment though? Ed W ------------------------------------------------------------------------------ _______________________________________________ Ledger-smb-users mailing list [email protected] https://lists.sourceforge.net/lists/listinfo/ledger-smb-users
