Customs tighten up on VAT rules

摘要

New rules have been implemented that have changed the way VAT invoices must be completed. Every business is affected-there are no exceptions. Although Customs & Excise are being lenient for the first six months, they are warning that after June they will lake action in respect of flagrant abuse or non-compliance, writes Steve James, a senior VAT consultant at WJB Chiltern plc. As part of a continuing drive towards harmonisation across the EU, Member States have agreed to implement the EC Invoicing Directive (SI 2002/115/EC). This directive specifies those details that must be shown on invoices prepared by VAT registered businesses operating within the EU. The implementation of this directive means changes in the following areas: 1. Contents of VAT invoices 2. Conditions for self-billing 3. Rules for electronic invoicing 4. Translation of invoices.