Impending changes to VAT invoices
A timely reminder that modifications are required to the format of some invoices from 1 October 2007.
The businesses most affected are those
• involved in cross border supplies of goods or services within the EU
• users of the margin schemes for second goods, art, antiques and collectibles
• the travel industry
• where the customer accounts for the VAT due
HMRC gave details of the changes in their Revenue & Customs Brief 51/07 and VAT Information Sheet 10/07.
Generally the invoices must now include a reference to the VAT treatment and there are suggestions for the wording that can be used
