Tel: 01736 795753
This email address is being protected from spambots. You need JavaScript enabled to view it.

What are VAT records and how long should you keep them?

Source: HM Revenue & Customs | | 05/09/2017

There are distinct rules that VAT registered businesses must follow regarding retention of VAT records.

Records include:

  • a record of sales and purchases, and
  • a separate VAT account.

Generally, a business must keep VAT business records for at least 6 years (or 10 years if they use the VAT MOSS service). By special permission, HMRC may allow you to keep some records for a shorter period. For example, if the 6-year rule causes you serious storage problems or undue expense.

The VAT records can be held on paper, electronically or as part of a software program. There are no specific VAT rules about using a computer. Records used for other tax purposes may need to be kept for longer periods.

There are financial penalties that can be levied for a failure to keep or produce the VAT records required by law.

Planning note:

Regarding the issue of a VAT sales invoice:

  • There is no requirement to issue a VAT invoice for retail supplies to unregistered businesses unless the customer requests a VAT receipt.
  • A simplified VAT invoice can be used for supplies of up to £250. There are also specific situations where a VAT invoice does not have to be issued, for example if your customer operates a self-billing arrangement.


Search Archive


Latest News

Date announced for Autumn Budget 2017
12/09/2017 - More...
The Chancellor has announced that the Autumn Budget 2017 will be held on Wednesday, 22 November

Reduction in dividend allowance confirmed
12/09/2017 - More...
Now that the second Finance Bill of 2017 has been published, we finally have confirmation that a

Making Tax Digital
12/09/2017 - More...
The new timetable for the introduction of Making Tax Digital (MTD) has been confirmed with the

Search

Our Address

Greenwood Wilson
The Old School
The Stennack
St Ives
Cornwall
TR26 1QU

Contact Us

tel: 01736 795753
fax: 01736 798642
This email address is being protected from spambots. You need JavaScript enabled to view it.

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login