UK set for simpler invoicing processes

Date: 12th August 2010

Small business owners in the UK could be among those to benefit from the introduction of new, simpler VAT invoicing processes.

The Council of the European Union (EU) recently announced the official adoption of a new invoicing directive.

It means all EU member states, including the UK, must accept electronic invoicing in the same way that paper documentation is handled.

The rules will be implemented over the next few years and must be in effect no later than 2013.

Marc Hoessels, indirect tax partner and head of the Deloitte e-invoicing group in Europe, explained: "All financial systems can already store invoice documents in a secure way, so why not acknowledge this new technology is also secure for tax audits?

"In the UK and the Netherlands, for example, companies can already make arrangements with the tax authorities in order to ensure that they used all necessary procedures to ensure a correct tax return."

Posted by Thomas Fletcher