Free invoice template for self-employed and LTD company in the UK

INVOICE GUIDANCE:

• Invoice Numbering: Mode of payment (by cash, by draft, by cheque along with account details, or by bank transfer along with bank account and sort code).
• Name: Credit period e.g. payment to be made within 15 or 30 days from the date of invoice.
• VAT: The accurate value added tax (VAT) should be charged. Some services might fall under the exemption category.
• Copies: Copies of all the invoices must be kept, even if it is a cancelled invoice. Electronic copies are all valid but the business must ensure that there is a robust backup system in place.
• Payment Terms: Businesses should carefully draft their payment terms. Payment terms should include exact dates and clearly define the credit period.
• Order Number / Reference: If a customer generates an electronic purchase order, the seller must ask for the order number and mention it on the invoice. This is updated in the customer’s system with the invoice details automatically when the order is delivered. This is very common with big clients.
• Bank Details: Bank details along with the relevant codes should be mentioned on the invoice to make the processing of bank transfers is easy
• Record Keeping: Businesses can use online bookkeeping or accounting software like Nomi. Doing so will reduce the manual work and along with invoice generation all other accounts will be automatically updated. In case businesses don’t want to opt for an online accounting system they will have to keep a record of all the invoices. Key items to be noted are:
• Date of Invoice
• Date of Payment
• Invoice total including VAT
• Invoice number
• Name of the customer
• Product description or service details