It struck me today that I haven’t highlights a huge change that came into effect on 1 October 2007, the changes to VAT invoicing, having said that, it didn’t exactly get that much publicity from HMRC.
The main change is that from 1 October all invoices must have a unique and sequential number. Most businesses already do this, however, some have been restarting the numbering from zero in the following accounting year and this can cause confusion and duplicated invoice numbers.
Those most affected by the changes to vat invoicing will be:
- businesses using the margin scheme for second-hand goods, works of art, antiques and collectors items
- businesses involved in making travel related supplies that fall within the scope of the Tour Operators Margin Scheme (TOMS)
- businesses involved in intra EC supplies of goods and services
- businesses making supplies where the customer accounts for the VAT
For full details on the changes and how you are affect please visit the HMRC website or contact us.
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