V5.201 Duty to keep records
Records to be kept by all taxable persons
Regulations made under VATA 1994, Sch 11, para 6(1), (2) provide that a taxable person must keep the records listed (1) to (11) below for the purpose of accounting for tax1. With effect from 16 November 2017, HMRC has the power to make provision by regulations about the form in which, and means by which, records are to be kept and preserved2. This provision is a precursor to Making Tax Digital (for which see V5.101B). However, such regulations must make provision for the exemption of any VAT registered person whose turnover is below the current VAT registration threshold from any requirement to keep or preserve records in electronic form3. In addition, such regulations may not require the keeping or preserving of records in electronic form prior to 1 April 20194.
The records are:
(1) the taxable person's business and accounting records. See Notice 700/21/16 (April 2016) para 2.3, in which HMRC states 'business records' includes annual accounts, including profit and loss accounts; bank statements and paying-in slips; cash books and other account books; credit or debit notes issued or received; documentation relating to dispatches/acquisitions of goods to/from EU member states; documents or certificates supporting special VAT treatment such as relief on supplies to visiting forces or zero-rating by certificate; import and export documents; orders and delivery notes; purchase and sales books; purchase invoices and copy sales invoices; records of daily takings such as till rolls;
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