VAT affects registration, sales, purchases, invoices, imports, exports, repayments and cash flow. HMRC may ask questions about VAT returns, VAT repayments, input tax, output tax and business records.
Pioneering Solutions Ltd provides educational guidance and practical support to help businesses understand published HMRC/GOV.UK VAT guidance and prepare accurate records.
Key Points
• Keep a VAT account and return workings.
• Keep purchase and sales invoices.
• Keep credit notes and debit notes.
• Keep bank payment evidence.
• Keep import/export evidence where relevant.
• Check that VAT treatment is supported by the facts and records.
Recommended Sections
• VAT registration and VAT returns
• VAT records and the VAT account
• Input tax and output tax
• VAT repayment checks
• VAT visits and inspections
• Zero rating and export evidence
Internal Links
• VAT records and statutory records
• VAT repayment checks
• HMRC visits and VAT inspections
• Tax loss notification letters
• Transaction and goods checks
Official Sources
VAT Overview
https://www.gov.uk/browse/tax/vat
VAT Guide Notice 700
https://www.gov.uk/guidance/vat-guide-notice-700
VAT Record Keeping Notice 700/21
https://www.gov.uk/guidance/record-keeping-for-vat-notice-70021
VAT Return Notice 700/12
https://www.gov.uk/guidance/how-to-fill-in-and-submit-your-vat-return-vat-notice-70012
VAT Exports Notice 703
https://www.gov.uk/guidance/vat-on-goods-exported-from-the-uk-notice-703