Further Aspects of VAT (1)

Question 1

What must a taxable person making a taxable supply to another VAT registered trader?

Answer 1

Must supply a VAT invoice within 30 days of the time of supply, and must keep a copy

Question 2

When is there no requirement to submit a VAT invoice>

Answer 2

If the supply is exempt or if supply is to a non-VAT registered customer

Question 3

What if an invoice is issued and a change in price then alters the VAT due?

Answer 3

A credit note or debit note to adjust VAT must be issued

Question 4

What must a credit note give?

Answer 4

Reason for the credit (returned goods) and the number and date of original VAT invoice

Question 5

What is included in less detailed VAT invoice?

Answer 5

It may be issued by a taxable person where invoice is for a total including VAT of up to £250

Question 6

What must every VAT registered trader keep

Answer 6

Records for six years

Question 7

When are VAT invoices not required?

Answer 7

For payments of up to £25 including VAT which are for telephone calls or car park fees, made through cash operated machines

Question 8

What must invocies show (supplier)

Answer 8

Supplier’s name, address and registration number

Question 9

What must invocies show (date)

Answer 9

The date of issue, the tax point and an invoice number

Question 10

What must invocies show (customer)

Answer 10

The name and address of the customer

Question 11

What must invocies show (goods or services)

Answer 11

A description of goods or services supplied, giving each description the quantity, unit price and rate of VAT

Question 12

What must invocies show (cash discount)

Answer 12

Rate of any cash discount

Question 13

What must invocies show (total invoice)

Answer 13

The total invoice price excluding VAT

Question 14

What must invocies show (VAT applicable)

Answer 14

Each VAT rate applicable and total amount of VAT

Question 15

What must less detailed VAT invoice show (supplier)

Answer 15

Supplier’s name, address and registration number

Question 16

What must less detailed VAT invoice show (date)

Answer 16

The date of the supply

Question 17

What must less detailed VAT invoice show (goods or services)

Answer 17

A description of goods or services supplied

Question 18

What must less detailed VAT invoice show (rate)

Answer 18

The rate of VAT chargeable

Question 19

What must less detailed VAT invoice show (total amonut)

Answer 19

The total amount chargeable including VAT