Commentary

V7.243 Retail schemes—other issues concerning retailers

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.243 Retail schemes—other issues concerning retailers

Part V7 Tax planning | Commentary

V7.243 Retail schemes—other issues concerning retailers

Tax invoices

A retailer makes most or all of his sales to the general public, and does not therefore have an obligation to issue a tax invoice for every sale that is made. However, he should issue an invoice if requested by a customer – it could be that the customer is buying, for example, stationery items from a retail outlet and wants to reclaim input tax on his own VAT return.

When a retailer is asked for an invoice, there are two options available to him.

Less detailed tax invoice

If the value of the sale is £250 or less, and provided the supply is not to a person in another EU country, a VAT invoice only needs to record the following details:

  1.  

    •     the name, address and VAT registration number of the retailer

  2.  

    •     the date of the sale

  3.  

    •     a description to identify the goods or services sold

  4.  

    •     the gross amount of the sale (ie including VAT)

  5.  

    •     for each rate of VAT

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