HMRC may review transactions and the movement of goods to understand whether tax returns, VAT returns, repayment claims and business records are accurate. Businesses should be able to explain transactions clearly and support them with records.
This page helps businesses understand the types of records that may be relevant when HMRC reviews transactions, supply chains, imports, exports, deliveries and stock movements.
Key Points
• Maintain accurate transaction records.
• Keep supplier and customer documentation.
• Retain delivery and transport evidence.
• Keep stock movement records where relevant.
• Retain import and export documentation.
• Ensure records support the VAT treatment applied.
Recommended Sections
• Transaction records
• Supplier and customer evidence
• Goods movement records
• Imports and exports
• Stock records
• Supporting VAT treatment
Internal Links
• VAT Guidance
• VAT Repayment Checks
• HMRC Compliance Checks
• Information Notices
• Supplier and Customer VAT Fraud Risk Checks
Official Sources
VAT Guide Notice 700
https://www.gov.uk/guidance/vat-guide-notice-700
VAT Exports Notice 703
https://www.gov.uk/guidance/vat-on-goods-exported-from-the-uk-notice-703
Tax Compliance Checks
https://www.gov.uk/tax-compliance-checks