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Sometimes you will not know the product or asset’s final price when you execute (sign, seal or both) the written document. How then can you workout the VAT?
VAT is charged on either monetary or non-monetary consideration. IF:
• Barter trade cases
-subjective but what seller would have paid if monetary; not possible to defer VAT if goods are supplied,
-tax point delivery or <14 days’ invoice.( see Naturally Yours Cosmetics case)• No consideration
-check deemed consideration eg gifts to staff or own use; money’s worth
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