The VAT invoices you issue form a very important part of your business records and you must keep a copy of every VAT invoice you issue. Normally you must issue a VAT invoice within 30 days of the date you make the supply. Only VAT-registered businesses can issue VAT invoices and if you’re VAT-registered, you must issue a VAT invoice whenever you supply standard rate or reduced rate goods or services to another VAT-registered person. Most commercial invoices will already meet the requirements. VAT invoices - the basics 3.1 Explanation of a VAT accountĪ VAT invoice is the term for an invoice which contains some information required by the VAT rules. We may be able to allow you to keep some records for a shorter period. If the 6-year rule causes you serious storage problems or undue expense, or you need advice on records for other types of tax, then you should consult VAT general enquiries. Records that you use for other tax purposes may need to be kept for longer periods. Generally, you must keep all your business records for VAT purposes for at least 6 years. But equally, some businesses will create additional business records and these must be kept and produced to HMRC when you’re asked. If that’s the case you do not have to keep such a record just for VAT. You’ll always have to keep a VAT account and copies of invoices, but some of the other records may not be a normal record in your business. What a business record is will depend on the type of business you run. records of daily takings such as till rolls.purchase invoices and copy sales invoices.documents or certificates supporting special VAT treatment such as relief on supplies to visiting forces or zero rating by certificate.documentation relating to dispatches and acquisitions of goods to or from the UK or EU member if you are registered in Northern Ireland or relating to dispatches and acquisitions made before 1 January 2020 if you are registered in Great Britain.credit or debit notes you issue or receive.annual accounts, including profit and loss accounts.Our view of business records is wide and will include: VAT law requires you to keep all your business records. a VAT invoice for supplies to other VAT-registered businesses, a ‘VAT invoice’ is just the term for an invoice which contains some information required by the VAT rules, most commercial invoices will already hold the right information.the VAT account, in many cases this will based on a routine business record of VAT you owe or can claim, if you are required to keep digital records then these will be your electronic account. There are 2 records that are specifically required for VAT. Records that form part of your ‘electronic account’ must be kept digitally in functional compatible software.Īpart from keeping business records and the special requirements, we ask that your records are complete, up to date, and allow you to calculate correctly the amount of VAT that you have to pay or can claim from us. You do not have to keep records in a set way and most bookkeeping and computer systems will meet this requirement. The basic rule is that you must create and keep normal business records. Record-keeping rules for all VAT-registered businesses 2.1 Records you must keep You can find further information on general compliance checks in factsheet CC/FS1a. We’ll normally specify which records we want to see ahead of a visit and those records must be available. 1.4 Checking your recordsįrom time to time we’ll visit you, usually at your main place of business. Many records kept for VAT purposes will overlap with records for other taxes, but the detailed rules as well as the retention periods may differ. This notice explains the record-keeping rules for VAT.
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