Invoices are important documents that businesses use to offer credit to customers. Getting the format right will help you to be compliant with Revenue VAT requirements, and also help in collecting what’s due from your debtors.
Your invoice should carry your logo (never miss a branding opportunity), and should be properly drawn up and retained. You can download our free invoice template to get started.
You may also want to include a reference to your business’s credit terms, such as penalties for late payment. This is at your own discretion. While it might help to reference this, it may be off-putting to a large business that has other potential supplier options.
Applying the correct VAT rate is essential, and it can be a difficult process if you are supplying a variety of products or services.
If you are not charging the correct rate of VAT, you may be subject to interest and penalties should the matter be uncovered during a Revenue audit. Contact an accountant or qualified tax adviser for assistance.