VBOOKS8520 - Treatment of supplies of e-publications that span 1 May 2020
The zero rate for e-publications applies to supplies made on or after 1 May 2020. In cases where there has been a payment for qualifying e-publications prior to 1 May and the supply is received on or after 1 May, businesses can opt to account for VAT at the date on which the supply of the service takes place instead of the date when the payment is received 바카라 사이트“ and so apply the zero rate. However, where a business has issued a VAT invoice showing VAT at 20%, it will need to issue a credit note for the over-charged VAT. If the business has not issued a VAT invoice, it can simply refund the 20% VAT.
Further information about the treatment of supplies that straddle a VAT rate change and the issuing of credit notes can be found in sections 30.7.4, 30.7.5 and 30.9 of VAT guide (VAT Notice 700).