Commentary

V7.304 Other record-keeping requirements

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.304 Other record-keeping requirements

Part V7 Tax planning | Commentary

V7.304 Other record-keeping requirements

As explained above, HMRC's main requirement is that the records maintained by a business must enable accurate VAT returns to be completed. In reality, most computer accounting packages automatically ensure this objective is achieved, being able to produce a series of VAT reports that show a clear audit trail.

However, there are other aspects of VAT accounting that require separate records to be kept to ensure figures are accurate and can be supported with appropriate evidence:

  1.  

    •     Paperwork in relation to the export of goods – proof that the goods have left the EU

  2.  

    •     Paperwork in

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