Invoicing terms used in United Kingdom

An IBAN (International Bank Account Number) is a standardised account identifier of up to 34 characters (country code, two check digits, and the local account number), used to rout...

Making Tax Digital (MTD) is a UK HMRC programme requiring VAT-registered businesses (and, in stages, income-tax payers) to keep digital records of their transactions and submit ret...

Reverse-charge VAT is a mechanism that shifts the responsibility for accounting for VAT from the supplier to the business customer, used most often for cross-border B2B services wi...

A sort code is a 6-digit identifier (formatted as three pairs, XX-XX-XX) for UK banks and their branches, paired with an 8-digit account number to route domestic UK payments throug...

A tax invoice is the specific format of invoice required when a GST or VAT-registered business charges tax on a sale, including the document label ("Tax Invoice"), the supplier's t...

VAT (Value Added Tax) is a consumption tax charged at each stage of a supply chain in the UK, EU, and most other countries outside the US, ultimately paid by the end consumer and r...

A VAT number is the unique identifier a national tax authority issues to a business once it registers for value-added tax, used on every VAT invoice and to validate the business in...