I wonder if anyone is able to clarify some points for me in regards to tax points and VAT periods.
We have multiple long-term contractors who submit approved timesheets to us, some reguarly and some not. They can go months without invoicing even after we chase them to. When recieving there invoice late, do we use the date of the invoice as the Tax point or do we use the time of supply? I believe the answer would be the invoice date but wanted to confrim that we are doing this correctly.
Also, we use sage as our accounting softwar there has been multiple times when we have recieved invoices dated in a previous VAT period and this has now been submitted. When inputting to Sage would you put the original date on the invoice or put the date when you recieved the invoice and make a note of the original date? My concern is that it will not pick up the invoice on the next VAT return.
Thank you for you help in advance