Self-billing is the term used to describe the circumstances in which the customer rather than the supplier prepares the supplier's VAT invoice. A self-billed invoice represents the customer's evidence for input tax recovery.
Self-billing may only be used with the agreement of both the supplier and the customer and both the supplier and customer must be VAT registered.
Since the supplier remains liable to account for output tax on the supply, a copy of the invoice must be sent to the supplier. This invoice must contain the words ‘SELF-BILLING’ and should also include a statement such as ‘the VAT shown is your output tax which is due to HMRC’.
The customer must keep an up-to-date record of its suppliers so that it does not inadvertently issue an invoice in respect of an unregistered supplier.
Self-billing in normally used where the customer is in a better position to ascertain the value of the supply than the supplier, for example in respect of payments of commission on sales, or authors’ royalties.
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Liability of the personal representativesAfter a person’s death, the property of the deceased is vested in the personal representatives (PRs) to enable them to manage and distribute the estate in accordance with the Will or the terms of intestacy. See the Personal representatives guidance note.The
Arguably, the most important exemption from IHT is the married couple / civil partner exemption.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’). The exemption applies to inter-spouse
What is an accumulation and maintenance trust?An accumulation and maintenance (A&M) trust is a particular type of settlement intended to make provisions for children and young adults up to the age of 25. The key feature is that trustees are given discretion over how to use the income for the benefit
The reform of corporate losses within Finance (No 2) Act 2017 included a mixture of relaxations to the use of losses within the previous regime which applied before 1 April 2017 and also a major restriction (50% for most companies) on the amount of profits after 1 April 2017 that can be covered by