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Tax point

On your VAT invoices you have to state the time of supply, or 'tax point'. This is an important date in that it determines, for example, the VAT period in which you need to account for the VAT and the rate of tax to be applied (which is significant where there is a change in the VAT rate).

There are three factors to consider:

Every supply has a basic tax point.
If you issue a tax invoice or receive payment before the basic tax point, the earlier of these will create the actual tax point.
If you issue an invoice within 14 days of the basic tax point, the issue date will create the actual tax point unless an actual tax point has already been created by payment being received.

The basic tax point for goods is when the goods are removed or, if not removed (eg land), made available. The basic tax point for services is when the service is performed, which is generally interpreted as the date on which all the work, except invoicing, is complete.