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VAT Deposit invoices

VAT Deposit invoices

I'm working for a company that sends out pro forma invoices for 50% deposits, these list the items that are going to be supplied.

Once the deposit is received I will issued a VAT invoice, does this also need to list the items that will be supplied or can I just state something like

"Prepaid Deposit for order ####"

thanks

Carol

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By tom123
24th Feb 2016 21:38

Depends I suppose.

I suppose, like many things, it depends.

Is everything you sell standard rated (presumably yes?)

Are all of your customers 'bog standad' traders - with no special circumstances (charities, foreign customers etc).

In which case, I can't see that it matters too much from a VAT perspective.

However, if I was your customer, I would probably want a bit more info to enable me to approve the invoice through our systems - but that is really from an internal management process than anything else.

Thanks (1)
25th Feb 2016 08:36

Yes or no!

If your supplies are B2B, then you are obliged to issue a VAT invoice, since the receipt of the deposit creates a tax point. If your supplies are B2C, then a VAT invoice is only required if requested by the customer.

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