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VAT Invoices: How Incorrect Invoicing Can Cost Your Business Thousands

The Importance of Accurate VAT Invoices

Revenue Commissioners in Ireland are intensifying their focus on the underpayment of VAT due to incorrect invoicing. This includes errors such as omitting EU VAT numbers on invoices, particularly when “reverse charge” applies.

Why EU VAT Numbers are Crucial

According to VAT regulations, including the EU VAT number of the customer is essential on all VAT invoices where the “reverse charge” is applicable. Failure to comply may lead to the supply being liable to Irish VAT. This error can result in fines up to €4,000 per invoice, costing your business thousands.

What Constitutes a Valid VAT Invoice?

To reclaim VAT paid to suppliers, a valid VAT invoice is necessary. Make sure your business strictly adheres to the guidelines for VAT invoices, especially when using simplified or electronic invoicing methods.

Timely Issuance of VAT Invoices

Irish VAT regulations mandate that VAT invoices must be issued within 15 days of the month-end in which the goods or services were delivered. A valid invoice must include:

Date of issue

  1. Sequential number unique to the invoice
  2. Seller’s complete information including VAT registration number
  3. Buyer’s full name and address

Reverse Charge: Special Considerations
For supplies subject to a “reverse charge,” the invoice must also include:

  1. Customer’s VAT number
  2. Indication that “reverse charge” applies
  3. Description and quantity of goods or services
  4. Unit price exclusive of VAT
  5. Consideration exclusive of VAT
  6. Applicable VAT rates and amounts

Additional Information Requirements
If goods are exchanged or given in part exchange, include a description and the amount allowed for them. For prepayments, indicate the payment date if it differs from the invoice date. For those with Section 56 VATCA10 zero-rating authorization, the number should be included on the invoice.

Penalties for Non-Compliance
The Revenue Commissioners are authorized to impose penalties for incorrect invoices. Ensure you comply with all regulations to avoid these costly mistakes.

External Resources Read More on Independent.ie

Streamline Your Invoicing

Streamline the invoicing process, eliminate potential human errors and lower the cost per invoice process with Kefron’s AP Solution. Click here to find out more.

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