A detailed value added tax (VAT) invoice provided by a taxable person to another taxable person when a taxable supply exceeds £100, containing essential transaction and tax information.
A taxable supply refers to the provision of goods or services in the UK that is subject to Value Added Tax (VAT). It excludes any exempt supplies as defined by VAT legislation.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.