VAT record keeping requirements

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides an overview of the VAT record keeping requirements that VAT registered businesses should adhere to. These records will normally be requested by HMRC during a VAT inspection and will form the basis of the information that is included on the VAT return. The books and records maintained by the business must be kept up to date and made available if reasonably requested by HMRC. The books and records must be kept in a format which enables HMRC to easily check to the figures used to complete the VAT return.

Required VAT records

Businesses are legally required to keep the following records.

VAT account

The VAT account is the link between the business records and the amounts included on the VAT return. It can also be referred to as a VAT summary. There is no prescribed format that must be used when preparing a VAT account; however, it must contain the following information:

•
total output tax due on sales split between standard-rated and reduced-rated sales
•
total output tax due on purchases of

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Owner-Managed Businesses

Relief for employee share schemes

Relief for employee share schemesRemuneration expenses are generally deductible for corporation tax purposes as they are considered to be incurred wholly and exclusively for the purposes of the trade. However, expenses relating to shares are usually classed as capital and are therefore not

14 Jul 2020 13:21 | Produced by Tolley Read more

Corporation Tax

Qualifying charitable donations

Qualifying charitable donationsCompanies can obtain corporation tax relief for qualifying payments or certain transfers of assets to charity under the qualifying charitable donations regime. Definition of qualifying charitable donationThe definition of ‘qualifying charitable donations’

14 Jul 2020 13:03 | Produced by Tolley Read more

Employment Tax

Short-term business visitors (STBVs)

Short-term business visitors (STBVs)What is a short-term business visitor?An STBV for UK tax purposes is an individual who performs duties for a non-UK employer and as a part of those duties has been asked to spend a short period working in the UK. There is a common misconception that there is

14 Jul 2020 13:40 | Produced by Tolley in association with Gill Salmons Read more

��Ƶ