When is the tax point on catering deposits?
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truecockney
Registered Posts: 94 Regular contributor ⭐
in VAT
I can see via online sites that the tax point is the time of deposit being received, but I can not tell whether this is specific to full payment, or any deposit.
Case in question:
- 50% deposit received on 1 March 2022 for event on 1 August 2022. Tax point is 1 March and VAT rate is 12.5%
- Balance is paid 1 July 2022 for same event.
Is the tax point for this second payment 1 March 2022, or is it 1 July 2022 (meaning catering to be split across VAT rates)?
Case in question:
- 50% deposit received on 1 March 2022 for event on 1 August 2022. Tax point is 1 March and VAT rate is 12.5%
- Balance is paid 1 July 2022 for same event.
Is the tax point for this second payment 1 March 2022, or is it 1 July 2022 (meaning catering to be split across VAT rates)?
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