Our website uses cookies to enhance the visitor experience (what's a cookieCookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.). Are you happy for us to use cookies during your visits?
Please note: continuing without making a choice equates to giving us your consent, which you can withdraw at any time via our cookies policy page.

 

New VAT Rules for Invoice Numbering and More


Newsletter issue - December 07.

New rules about how to draw up a valid VAT invoice have came into effect on 1 October 2007, without much fanfare from the VAT office.

The biggest change is it is now compulsory to have unique and sequential numbers for your invoices. Most businesses do this anyway, but some restart their numbering every year, which could lead to identically numbered invoices in different years. If you use separate sequences for different customers that's fine as long as each sequence of invoices is separate and unique. You can also continue to use customer prefixes on the invoices, as long as no two customers have the same prefix.

If you use the special Second-hand Margin or the Tour Operators Margin VAT scheme, you need to state which scheme you are using on the face of the invoice. Other changes involve cross-border sales within the EC where the full VAT is not automatically charged to the customer. Where the sale is 'reversed charged', so the seller bears the VAT on the supply, the invoice must state this. Similarly if the sale is VAT exempt or zero-rated because the goods are moving across borders the invoice must make this clear.

The VAT office will operate a twelve-month grace period while these new rules bed-down, before they start to prosecute traders for non-compliance. However you need to plan any changes to your invoicing systems as soon as possible. Ask us if you need further information.

 

 

Request a callback from Mapperson Price

Our philosophy is to provide a professional friendly service to local people, including employed, self-employed and small to medium sized businesses. Fill in our callback form and we'll contact at a suitable time for you.

The partners are supported by staff with a range of experience in accounts, taxation, payroll, and company secretarial work to support the various services the firm offers.

REQUEST CALLBACK

We always aim to get it right first time, every time, we'll respond to you as soon as possible after your form has been received by us.

 


Newsletter Icon

Newsletter Sign up

Handy tax tips delivered directly to your email inbox