On certain occasions you may want to extend an invitation to your seniors or colleagues, but

may not know what phrases to use so as to sound warm and polite, yet formal at the same time. Also, at
times you may want to accept an invitation and express gratitude for the same or decline one
gracefully.

Formal phrases to make an invitation :

Would you like to join me for dinner tomorrow? ('Would you' is a formal and a polite way of inviting
your colleague.)
Would you care to join us for dinner?
I was just wondering if you would like to come over for dinner tonight?
We'd be pleased/delighted/very happy to have you over for dinner tonight.

Formal phrases to accept an invitation :

Thank you! I'd love to.

Thank you! I'd be delighted to. What time should I be there?
Yes, thank you. That would be wonderful/great.
Oh certainly! Thank you.

Formal phrases to decline an invitation :

I'd love to, but I'm afraid I'm busy tonight.

I'm terribly sorry. I have other plans.
Thanks for asking. I'm afraid I'm busy tonight.

Sample phrases to use in an informal invitation

“Please come to our party on…”
“Why don’t you come to…””
“Can you make a meeting at 3pm…”
“how about dinner tonight…”

To accept an invitation to an informal party / dinner, you can write:

“that would be very nice.”

“Sure, I’ll be there.”
“Sounds great.”
“I’m able / free to come to / attend / make the meeting at…”

To decline these invitations, you can write:

“I can’t. I’ve got a lot of work to do..”

“I’m sorry, but I’m not going to be able to make it on…”
“Sorry, maybe next time.”

Source:
https://learnonlineenglishspeaking.blogspot.com/2015/05/formal-and-informal-invitation-in.html
https://www.english-at-home.com/business/responding-to-written-invitations/