Commentary

V7.303 Keeping a VAT account

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.303 Keeping a VAT account

Part V7 Tax planning | Commentary

V7.303 Keeping a VAT account

The record-keeping requirements of HMRC tend to be quite limited as far as VAT is concerned, as long as they are sufficient to enable accurate calculations to be made.

One legal requirement is for the taxpayer to keep a VAT account, which shows how the various figures on the VAT return have been compiled. It is sensible to keep a VAT file, which would not only show details extracted from the VAT account but also details of any correspondence received from HMRC or professional advisers on VAT rulings etc.

A typical VAT account is shown in Example

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