HMRC have issued guidance on
changes to the rules regarding the information
to be shown on invoices issued from 1 October
2007. Some of the changes are very minor and
reflect current normal business practice. However
some businesses will need to amend their current
invoices to comply with the guidance.
The businesses most likely to be affected
by the new requirements are those:
- using the margin scheme for second-hand
goods, antiques, works of art, and collectors’ items
- involved in making travel related supplies
that fall within the scope of the Tour Operators’ Margin
Scheme
- involved in intra EU supplies of
goods and services
- making supplies where
the customer accounts for the VAT. This VAT
treatment is sometimes known as a ‘reverse
charge.’
Please do get in touch if you would like further
clarification of how these changes will affect
you.
Internet Link:
HMRC guidance
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