How are advance payments treated in VAT?
Advance payments received against a supply of goods or servicesĀ are subject to VAT, provided the supply is taxable. TheĀ supplier must raise an invoice for the value of the advance payments.
Last updated on 28 February, 2019
Advance payments received against a supply of goods or servicesĀ are subject to VAT, provided the supply is taxable. TheĀ supplier must raise an invoice for the value of the advance payments.
Source: