Chapter 2 Flashcards
1
Q
VAT invoice must show
A
An invoice number
seller name and address
sellers vat number
invoice date
time of supply
customer name
description of goods
unit price
2
Q
what is a VAT receipt?
A
a receipt to claim vat
3
Q
What is electronic data interchange?
A
EDI is where data can flow to receivers computer and be processed immediately
4
Q
What is a pro forma invoice
A
used for businesses that require payment before delivery
5
Q
What is postponed VAT accounting
A
when the business declares the VAT and reclaims it on the same return.
6
Q
Basic tax point
A
date when goods are performed or when goods are delivered
7
Q
Actual tax point
A
14 days after the invoice received
