It is a legal requirement for all VAT registered entities to keep records for VAT purposes. These must include all information necessary for compilation of the VAT return, control statement (VAT ledger) and EC sales list.
Common accounting records should be sufficient, although some business sectors may have additional legal requirements. For example, a business engaged in selling used cars will be obliged to keep a stock book.
A VAT payer must also keep records of VAT-exempt supplies and supplies not liable to VAT which the VAT payer has effected.
Records must be retained for at least ten
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