The VAT invoice
Paul from M P Accountants Northamptonshire reviews the information which should be contained on a tax invoice.
The tax invoice is the cornerstone of the whole VAT system but it is (or perhaps it’s not) surprising how many invoices don’t contain the correct information.
A tax invoice must contain the following:
- a unique identifying number
- date of issue of the document
- time of supply – if different from the invoice date
- name / address / registration number of supplier
- name / address of person to whom goods /services supplied
- description sufficient to identify the goods / service
- for each type of supply the quantity of goods/extent of services, the rate of tax and the amount payable
- for each description the unit price of “countable” goods or services
- total charge made (excluding VAT)
- rate of any cash discount
- the total amount of tax chargeable expressed in sterling.
Retailers can issue less detailed invoices for sales under £250 including VAT and is not required to issue an invoice unless the customer requests it. A retailer is someone who makes 50% of his sales to the general public.
A third option where the customer agrees is to issue a modified invoice which shows the VAT inclusive value of each standard or reduced rate item with further VAT information at the foot of the invoice.
At M P Accountants Kettering, Corby, Northampton and Market Harborough are conveniently located near to our premises in Lamport although we have clients from all over the UK. We are a firm of Chartered Certified Accountants ensuring you receive a professional and competent service at all times.
If you need any advice regarding VAT or any other accounting or taxation matters please don’t hesitate to contact us.