The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the VAT record keeping requirements that VAT registered businesses should adhere to. These records will normally be requested by HMRC during a VAT inspection and will form the basis of the information that is included on the VAT return. The books and records maintained by the business must be kept up to date and made available if reasonably requested by HMRC. The books and records must be kept in a format which enables HMRC to easily check to the figures used to complete the VAT return.
Businesses are legally required to keep the following records.
The VAT account is the link between the business records and the amounts included on the VAT return. It can also be referred to as a VAT summary. There is no prescribed format that must be used when preparing a VAT account; however, it must contain the following information:
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