Download free excel templates as per United Kingdom (UK) VAT Act for issuing a VAT compliance invoice to your clients for taxable goods and services with auto calculations along with discounts involved.
This template is helpful to small and medium scale business people to issue VAT compliance invoices to their clients.
Usually, retailers offer discounts to the customers. Moreover, semi-retailers also give discounts to customers for cash payments. Therefore, the supplier needs to show such discounts on the invoice.
This template covers all legal compliances and legal provisions as per UK VAT Act. It is customizable as per the requirement. This template is useful to small and medium-sized businesses that don’t use any software for record-keeping.
About UK VAT Act
VAT Law in the United Kingdom (UK) is governed mainly by the Value Added Tax Act 1994 as amended by subsequent Finance Acts. But, there are many rules in Statutory Instruments. These are either orders made by the Treasury or regulations made by HMRC.
The Value-Added Tax Act provides for the taxation of the supply of goods and services and the importation of goods. This Act is applicable to all registered VAT vendors.
According to rules under UK VAT Act, the rate of discount if applicable must be shown in the invoice.
The supplier cannot provide a discount on final invoice amount which is VAT inclusive. You need to calculate VAT on Taxable amount. Furthermore, the VAT is charged on discount prices.
About UK VAT Invoice With Discount Excel Template
Once you download this free excel template, you will find two sheets,
- UK VAT Invoice With Discount Template and
- Customer Database sheet.
1. Customer Database Sheet
You can manually type customer name and other details when your business type is retail.
It consists of list of your customers. These customers are the one whom we issue the invoices for the goods supply or services render regularly.
This database sheet is further use to create a dropdown list in invoice template. Insert your customer details once when you are making the first sale and it gets add to the dropdown list.
This enables the user to save time by just selecting the name for the supplier and sheet automatically fetches the customer details on the invoice.
2. UK VAT Invoice With Discount Template
The UK VAT Invoice With Discount consists of the Performa of invoice as per the government guidelines. It consists of the 4 sections.
a. Header Section
The header section consists of company’s logo, name, VAT Registration Number and the heading of the invoice. Insert the logo, name and VAT registration number along with your address.
b. Customer Details
The customer details section consists of client’s details as below:
- Company Name
- Street Address
- Customer ID
- Due Date
- Time Of Supply
The customer details section is format with data validation to create the dropdown list. Once you select the name of customer from the dropdown list the sheet automatically fetches relevant details with the help of the VLOOKUP function.
c. Product Details
The product details section consists of following columns:
- Description: Insert description of goods or services for client.
- Quantity: Quantity of the product.
- Unit Price: Price per product.
- Amount: This column shows total amount of supply per item using Quantity multiply by Unit Price. The final total of this column is the taxable amount.
d. Other Details
Other details section consists of the following:
- Amount in words: No need to insert anything in this. It will automatically convert amount in words using Spell Number GBP.
- Terms & Conditions: So, Insert your invoice terms and conditions.
- Discount: Also, Insert the discount percentage and it calculates the discount amount on the subtotal amount.
- VAT computation: Select type of VAT from the dropdown list.
Taxable Amount X VAT % = VAT Amount
- VAT Amount + Taxable Amount = Final Invoice Amount
- Company seal: A blank space is given for company seal. After printing invoice you can stamp here.
- Signature: A blank space is given for authorized signatory. After printing the invoice the authorized personnel can sign the invoice here.
- Now, That’s it and your UK VAT Invoice With Discount is ready to print.
Download and Use UK VAT Invoice Format with Discount in Excel
To use this free UK VAT Invoice Format with Discount in excel, you should have Microsoft Office/ Microsoft Excel. You can only use this template if you have these applications in your system. or Use, Google Sheets.
After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software. Once extracted, you can open the file using Excel and start entering data or customizing the template.