VAT Chargeable event and Taxable amount: the course covers the questions: ‘When does the chargeable event take place and VAT become chargeable?’ and ‘On what is VAT calculated?’
Having studied this course, you will be able to:
- Define the terms chargeable event and taxable amount.
- Know when the chargeable event occurs and VAT becomes chargeable.
- Explain the need to establish what the taxable amount of a transaction is.
- Relate these concepts to the different transactions.
- Recognise acceptable adjustments to the taxable amount.
- Describe how the tax due is a result of applying the rate to the taxable amount expressed in monetary terms.