Discover the Best Retail Invoice Format for Higher Education

Retail invoice format for Higher Education

so if a tax invoice does not have a proper format this could attract penalties when there is a tax audit in the future hey everyone before we move ahead please click on the subscribe button to stay updated on our weekly business and finance related content which is incredibly useful for business owners ceos cfos entrepreneurs and those who aspire to be one now let's get back to the video hey everyone today we'll be discussing the differences between a tax invoice and a simplified tax invoice we'll be getting into what they are and what are the requirements for each so what is a tax invoice a tax invoice is a document that is raised by a tax registrant when a taxable supply is made and invoice alone is no longer legal document until it has the word tax in front of it so if a tax invoice does not have a proper format this could attract penalties when there is a tax audit in the future also keep in mind it's important that the tax invoice is delivered and given to the customer so now let's get into when do you raise a simplified tax invoice simplified tax invoice is an option given by the fta when the recipient of the supply services or goods is not registered for vat or when the supply which is services or goods which is made is not over ten thousand dirhams in all other cases a proper tax invoice needs to be raised let's get into what are the format requirements of a simplified tax invoice the word tax invoice needs to be displayed on the invoice the name address and tax registration number of the supplier must be mentioned the date of issuing the tax invoice must be mentioned a description of the goods and services supplied and the total consideration and the tax amount charged must also be mentioned it's important to note that in a simplified tax invoice it is allowed to show the gross value of each line item that is which is including v80 now in the case you have to raise the tax invoice let's get into what are the format requirements of that in general it includes all the requirements of a simplified tax invoice and has some additional requirements so let's get into them one by one firstly the words tax invoice needs to be clearly displayed the name address and tierra number of the one making the supply and the one which is the recipient of the supply if the recipient is a registrant a sequential tax invoice number or a unique number must be generated for each invoice the date of issuing the tax invoice the date of supply if which is different from issuing the tax invoice a description of the gojin service is supplied for each line item it's important to provide the unit price the quantity supplied the rate of tax the tax amount the gross amount payable and also the net amount payable you have to mention if there is any amount of discount which is offered the gross amount payable must be expressed in aed the tax amount payable must also be mentioned aed along with the rate of exchange if mentioned in a different currency the rate of exchange must be used as per the daily central bank rate where the invoice relates to a supply under which the recipient of goods or services is required to account for the tax a statement that the recipient is required to account for the tax and the reference to the exact degree law must also be mentioned through this video i hope it's become clear what is the exact requirements when you raise a simplified or a normal tax invoice hey everyone you've reached the end of this video thank you all for listening if you like this content please hit the like button and subscribe to our channel if you'd like for us to talk about any specific topics please do let us know in the comments below hope to see you in the next video