Blog Archive for June 2023

Paying in Advance - How is VAT applied?

Paying in Advance - How is VAT applied?

Some businesses may request a payment in advance for goods or services.If you are VAT registered it is important to know when you can claim back VAT on an advance payment. This is generally determined by the tax point which is either the date of the invoice or the date money is received. Here are six examples of different types of advance payments and how they are treated.

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