On 29 July 2015, HMRC confirmed in a letter to all NHS Trusts that the normal ‘tax point’ rules should be applied from 1 April 2016 at the latest. This extension was provided to recognise the challenges Trusts may face in changing accounting systems and processes where previously VAT accounting was based on payment dates. Normally, the tax point of a supply is the invoice date.
READ MORE
SBS Tax Point Accounting
by Berthold Bauer on January 25, 2016 SBS Tax Point Accounting
