NEW VAT INVOICING RULES (EFFECTIVE 1ST JANUARY 2004)

All businesses are affected by these changes.
The changes are:

• the unit price must now be shown on a vat invoice.
• fewer items have to be shown in sterling.
• there is no longer a requirement to show the type of supply or the amount of vat charged at each separate rate, but businesses may continue to do so if they wish.
• the limit for simplified retailers' invoices was raised from £100 to £250 including vat.
• there is no longer a need to obtain Customs' approval to self-bill provided that the conditions for self-billing in vat regulations and Notice 700/62 Self-Billing are met and
• clearer rules to encourage electronic invoicing . Notice 700/63.

After a transitional period of a year, during which businesses were allowed to issue invoices in the old format all businesses are expected to follow the rules wef 1st January 2005