Accounting for VAT on moneys received

VAT rates on the moneys received basis

You are liable for Value-Added Tax (VAT) at the rate applicable at the time the goods or services are supplied.

In the event of a change in the rates of VAT, you must apply the VAT rate at the time that the goods or services were actually supplied, and not the time that the payment was received (if this is later).

Next: What sums are included in the moneys received basis?