Charging and reclaiming VAT
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Once your VAT registration is complete you will need to update your invoices as you need to include your VAT number on all your invoices.
A VAT registered business can usually claim back the purchase VAT that has been spent on business expenses.
To reclaim VAT you must have a ‘valid VAT invoice’ for the expense. The information that needs to be included on a valid VAT invoice includes;
- Supplier’s invoice number
- Supplier’s name and address
- Supplier’s VAT registration number
- Details of the product or service supplied
- Date
- Total cost excluding VAT
- Amount of VAT charged