Lesson Four Flashcards
1
Q
When is the basic tax point?
A
When goods are delivered or collected or service has been carried out.
2
Q
When will actual tax point be early date ?
A
When invoice or payment has been issued before delivery.
3
Q
When will actual tax point be later date?
A
When invoice is issued within 14 days of delivery date
4
Q
When returning what can you do ?
A
The supplier issues a credit note or the customer issues a debit note.
5
Q
What do you need to do when exporting sales from Great Britain?
A
Charge no vat, has to be zero rated, keep evidence of the export and export the goods within 3 months of the sale.
6
Q
What do you need to do when importing good to UK?
A
Charge VAT
