bobt started this topic @ 09:23 on 27/08/2005
If you are a VAT registered company, what are the rules regarding VAT invoices and displaying the VAT number?
Specifically -
1) Do I have to display the VAT number on my website?
2) If a customer buys something do I have to provide a VAT invoice with a breakdown of the VAT or canI just supply a sales receipt that gives the total and just says 'VAT included'?
RE: Displaying VAT and VAT number
James Smith | 28/08/2005 11:01 AM
(1) No, but I would anyway as it builds credibility.
(2) Depends on the customer. If you sell to other business you should split out the VAT and clearly state the VAT rate applied, and be prepared to produce a 'proper' VAT invoice on request even if you normally sell only to the public. If you are selling on the net you need to get your UK/EU/Overseas vat rates correct.
If you are VAT registered you presumably have an accountant - make sure you get your money’s worth and sit down with them to go over whether you are doing this right and if you are keeping the correct accounting records and completing your VAT returns correctly. It can be a big learning curve to get this sorted out correctly, so don’t try to muddle through on your own.
Regards,
------------------------
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
RE: RE: Displaying VAT and VAT number
ferretboy | 18/10/2005 11:52 PM
I second everything you say James, In my first business venture I made the mistake of trying to 'muddle through' on my own, with full VAT and stat accounts. Needless to say, I made rather a mess of it all and the company went under - costing me substantially!
Even though I have since completed basic accountancy training, I still enlist the services of my friendly CA to at least check over my figures for me
RE: Displaying VAT and VAT number
James Smith | 19/10/2005 09:26 AM
Thats an interesting point Feret boy - I have a few part qualifieds and qualifieds working in other areas on my books. I think people in that position tend to know enough to realise they don’t have the current knowledge to complete things correctly.
Its a bit like my legal knowledge. I know enough to know when to ring a solicitor!
------------------------
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
---------------------------
Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
