ACCA ATX ^UK Syllabus A6. Value Added Tax - Information that must be given on a VAT invoice - Notes ^{4 / 10}

What should a VAT invoice contain?

A VAT registered trader making a supply to another taxable person must issue a VAT invoice within 30 days of the relevant tax point.

A VAT invoice must contain certain information including:

• VAT registration number

• The tax point

• The rate of VAT for each supply

• The VAT exclusive amount for each supply

• The total VAT exclusive amount

• The amount of VAT payable

• The invoice date and invoice number

• The type of supply

• The quantity and description of the goods supplied

• The company’s name and address

• The name and address of the customer

If a sales invoice is meant to be valid for VAT purposes i.e. a separate VAT invoice does not need to be issued, then all of the above needs to be included in the sales invoice.

Otherwise, a separate VAT invoice will need to be issued.

A VAT invoice must be issued within 30 days of making a taxable supply.

VAT records(including VAT invoices) must normally be retained for six years.

Simplified VAT invoice

A less detailed VAT invoice may be issued by a taxable person where the invoice is for a total including VAT of up to £250. 

Such an invoice must show:

1. The supplier’s name, address and registration number

2. The date of the supply

3. A description of the goods or services supplied

4. The rate of VAT chargeable

5. The total amount chargeable including VAT

Zero-rated and exempt supplies must not be included in less detailed invoices.