Businesses must keep certain records to support VAT returns and demonstrate that the correct VAT treatment has been applied. Accurate records help businesses prepare returns, support repayment claims and respond to HMRC questions.
This page explains the importance of maintaining VAT records and statutory records, and how good record keeping can help businesses demonstrate compliance with published HMRC guidance.
Key Points
• Keep a VAT account and VAT return workings.
• Retain purchase and sales invoices.
• Keep credit notes and debit notes.
• Retain bank statements and payment evidence.
• Keep import and export records where relevant.
• Ensure records are organised and readily accessible.
Recommended Sections
• What records must be kept
• The VAT account
• Purchase and sales invoices
• Import and export documentation
• Digital records and Making Tax Digital
• Record retention periods
Internal Links
• VAT Guidance
• VAT Repayment Checks
• Transaction & Goods Checks
• HMRC Information Notices
• HMRC Compliance Checks
Official Sources
VAT Record Keeping Notice 700/21
https://www.gov.uk/guidance/record-keeping-for-vat-notice-70021
VAT Guide Notice 700
https://www.gov.uk/guidance/vat-guide-notice-700
Making Tax Digital for VAT
https://www.gov.uk/guidance/sign-up-for-making-tax-digital-for-vat