Suppliers that can take payment by procurement card will be termed either VAT capable or not-capable. A supplier that is VAT capable means that its internal systems provide the information required by HM Revenue & Customs automatically to the bank that manages the procurement card and this information is displayed on the monthly procurement card statements. This means that these suppliers do not have to issue you with a VAT receipt. They will provide you with a confirmation of what was ordered and it will normally show the VAT information relating to what was purchased. This is not, however, a VAT receipt. The document should however be retained with the other supporting documentation in the transaction log.
Where the supplier is not VAT-capable, then the following information is required if the institution wishes to reclaim VAT. To be valid, the documentation required depends on the value of the purchase transaction:
Total value including VAT is under £100
- Supplier’s name and address
- Transaction date
- Supplier’s VAT number
- A description of the goods/services supplied
- The total charged (including VAT)
Total value including VAT is over £100
- Invoice number (or other identifying number)
- Date of supply (tax date)
- Supplier’s name and address
- Supplier’s VAT number
- A description of the goods/services supplied
- The total charged (excluding VAT)
- VAT rate
- The amount of VAT charged
- The Invoice Total