Due to the increasing number of questions on the essentials of the various types of accounting documents, we have decided to provide templates of all the documents that can be generated using MyInvoiceOnline.co.uk. These include a tax document, an invoice without VAT, an advance invoice, a pro forma invoice and a credit note.
What is a Credit Note?
A Credit Note is a document issued by a seller to a buyer to correct an error in an invoice, refund part or all of a payment, or provide a discount after the original invoice has been issued. It acts as a reverse invoice, allowing businesses to adjust their sales and tax...
What is a VAT Invoice?
A VAT invoice is an essential document for businesses registered for VAT in the UK. It serves as proof of the sale of goods or services and is required for VAT accounting and reporting. The VAT invoice must comply with the standards set by HM Revenue & Customs (HMRC) to...
What is a Proforma Invoice?
A Proforma Invoice is a preliminary bill of sale sent to buyers before goods or services are delivered. It outlines the goods or services being provided, their estimated costs, and other transaction details, but it is not an official invoice. Unlike regular invoices, a...
What is a Non-VAT Invoice?
A Non-VAT Invoice is an invoice issued for transactions that are exempt from VAT or where the seller is not registered for VAT. It is used in cases where VAT is not applicable, either due to the nature of the goods or services provided or the seller’s VAT status (such as...
What is an Advance Invoice?
An Advance Invoice is a document issued by the seller to request payment before the goods or services are delivered. This type of invoice is commonly used for large projects, subscriptions, or orders that require an upfront payment. The advance invoice outlines the...