70. Time limits for issuing invoices, etc.

Summary

This section deals with the time limits that are in place for issuing invoices and amended invoices. The general rule is that the document must be issued by the 15th of the month following the supply. This is set out in regulations. The section also provides that the time limits for the issue of invoices in relation to early payments are set by regulations.

Details

(1) Subsection (1) provides for the making of regulations fixing the time within which invoices, credit notes and amended invoices must be issued. (Regulation 23 of the VAT Regulations 2010 refers.) The standard period is 15 days from the end of the month in which the supply took place.

(2) Subsection (2) requires the issue of an invoice if payments are received before the supply of the goods or services in question. This subsection also applies to flat-rate farmers. Regulation 23 of the VAT Regulations 2010 sets out the time limits for the issue of the invoice. This rule does not cover intra-Community acquisitions specified in paragraphs 1(1) or (2) of Schedule 2.

Relevant Date: Finance Act 2020