time of supply

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The date on which goods are removed or made available to a customer or when services for a customer are completed, i.e. the tax point. Goods on sale or return are treated as supplied on the date of adoption by the customer or 12 months after despatch, whichever is the earlier. Continuous services paid for periodically are charged to tax on receipt of payment or issue of each tax invoice, whichever is the earlier.

Subjects: Accounting.

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