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HMRC internal manual

VAT Time of supply

From
HM Revenue & Customs
Updated
, see all updates

Actual tax points: payments: bank transfers

Modern banking procedures allow various methods of effecting payment by direct transfer of funds between bank accounts. These include standing orders, direct debits, home banking facilities and other forms of electronic transfer. In each case payment for VAT time of supply purposes occurs when the amount in question is actually transferred into the recipient’s bank account.