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Debitoor blog

Tips, news, and advice from the team at Debitoor


Postponed VAT accounting for imported goods

As of January 1st 2021, VAT registered businesses that import goods into the UK can use a new system called postponed VAT accounting. This allows businesses to account for the import VAT on their VAT Return instead of paying it immediately upon entry to the UK.

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Now that the UK has left the EU, VAT is due on imports from anywhere in the world if the value of the goods is over £135 (commercial goods threshold). This article outlines what postponed VAT accounting is, who can use it, and how it will look on your VAT Return.

Steve Bicknell

Domestic VAT reverse charge for construction services

From March 1st 2021, the domestic reverse charge VAT procedure will be introduced for the construction sector. You should start preparing for this change as soon as possible to avoid mistakes and fines.

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The main change will be that the buyer will account for VAT for certain construction services rather than the supplier. This article outlines who is affected by this change and how to prepare.


What's the difference between giving a potential client an estimate and providing a quotation?

If you work as a builder or a handyman, a potential client will expect you to give them an idea of the cost of your services before agreeing to your work. This means you will need to give a quote or an estimate.

This article explains the difference between estimates and quotations and how they can be used by companies that provide manual labour services

Quotes and estimates are not just two different names for the same thing. They have distinct uses, as well as different benefits and disadvantages. You therefore need to know exactly which one you’re giving to your client. If you don’t, problems can arise that cost you time, customer satisfaction, and even money.

This article discusses the difference between estimates and quotes and explains how you should use each to entice potential clients.


What is the difference between an invoice, a bill, and a receipt?

As a freelancer or small business owner, you've most likely heard of invoices, bills, and payment receipts, but you might not be aware of the differences between them. These terms can often be used interchangeably in the business world but there are some key differences.

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In this blog post, we’ll take a closer look at each of these documents, and explain how they fit into the sales process and how they differ from each other.


Invoicing software for nonprofit organisations

If you run a nonprofit organisation, you have to work hard to further your social cause. The more that your nonprofit can focus on its mission, the better it will be perceived by the public and consequently, the more money it will raise.

Invoicing software like Debitoor will help you to take care of your organisation’s finances with ease and allow you to focus on furthering your social cause.

Therefore, it’s best to invest in invoicing software that will help you to handle your organisation’s finances with ease and allow you to concentrate your efforts on achieving your social goals. Here, we take a look at how invoicing software can support your social enterprise and simplify your accounting.


Debitoor update (EU): How to record reverse charge after Brexit

As you know, the UK will be leaving the EU on January 1st 2021. Because of this, we have had to make some adjustments to the Debitoor software surrounding how your EU business records reverse charge transactions for UK customers.

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This article explains how EU VAT registered businesses will record reverse charge invoices and expenses from UK customers and suppliers in the new year. If you are a UK based business, you can find further information on our UK Brexit blog.


Debitoor update (UK): How to record reverse charge after Brexit

Because the UK is officially leaving the EU on January 1st 2021, we have made some adjustments to the Debitoor software. These changes surround how you record reverse charge invoices and expenses on your account.

People holding a sign that says how to record reverse charge after Brexit

This article explains how UK businesses should record reverse charge transactions from EU businesses in the new year. If you are an EU business who sells to the UK, you can find further information on our Brexit blog for EU companies.


A new year, a new numbering sequence for your invoices

Whenever you enter a new year, it’s a great opportunity to reorganise your documents and make a fresh start. Your invoices should be no exception.

Every invoice has a unique invoice number that must be assigned to it. If you use dates or years as a part of your numbering sequence, a new year may mean a fresh start.

Debitoor invoicing software will automatically update your numbering sequence if it can see you’re using the year as part of your invoice numbers

This article explains what the new year means for our Debitoor users and their invoice numbers: Debitoor will either automatically update the numbers for you, or you will need to do it manually. In the following, the different procedures are summarised so you exactly what you’ve got to do.


A look back at 2020 and what to look forward to in 2021

A lot has happened in 2020 and I think we’re all excited to get back to normal life in 2021. We’ve had a busy year at Debitoor, and we’re ready to celebrate! Let’s take a look at what has changed with your invoicing software in 2020, and what to look forward to in 2021.

A look back at 2020 and forward to 2021 with Debitoor invoicing software

2020 has been a crazy year, and with most of the Debitoor team working from home, we also had to make some changes to how we operate. Nonetheless, we had one of our most productive years and implemented some amazing new changes.

Here are just a few things that we’ve updated or added to Debitoor in 2020...


How long do I need to keep invoices?

So you’ve started a business and things are going well. But now you have several invoices and don’t know what to do with them. Do you need to keep them or can they be thrown away once you’ve received payment? In this article, I’ll explain how long you need to keep a record of your invoices and why it’s important.

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In the UK, invoices are accounting documents and need to be kept for 6 years from the end of the financial year it relates to. This includes both sales invoices you issue to customers as well as purchase invoices you receive from suppliers.