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Question 1d iii
(d) Richard’s sales since the commencement of trading on 6 April 2012 have been as follows:
| April to July 2012 | £10,500 per month |
| August to November 2012 | £14,000 per month |
| December 2012 to March 2013 | £21,500 per month |
These figures are stated exclusive of value added tax (VAT). Richard’s sales are all standard rated.
As a trainee Chartered Certified Accountant you have advised Richard in writing that he should be registered for VAT, but he has refused to register because he thinks his net profit is insufficient to cover the additional cost which would be incurred.
Required:
(iii) State the circumstances in which a retailer can issue a simplified (or less detailed) VAT invoice, when such an invoice should be issued, and FIVE pieces of information which such an invoice must show where the supply is entirely standard rated. (4 marks)