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VAT Invoicing Changes Ahead

The European Commission is trying to standardise VAT invoices ( just invoices?) throughout Europe and the UK Government has agreed to make a number of changes to our regulations by August 2007.

The changes will affect:

  • The numbering of invoices – they will need to be sequential based on one or more series which uniquely identify the document. Don’t we already do this?

     

  • Cross border invoices to business customers in other Member States where the supply is exempt or where the customer applies the reverse charge procedure – the invoice will need to show the VAT treatment; and

     

  • Invoices issued under the margin scheme for second hand goods and the Tour Operators Margin Scheme- the invoices will need to identify the scheme used.

    The Joint VAT Consultative Committee have asked for comments on the draft regulations and the estimated costs to business of making the changes. See www.hmrc.gov.uk/news under 14 March.
    I suggest you read this before ordering any new stationery!

     

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    Date: 8th March, 2007
    Author: Roger Bell

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