Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

Search Archive


What are VAT records and how long should you keep them?

Source: HM Revenue & Customs | | 05/09/2017

There are distinct rules that VAT registered businesses must follow regarding retention of VAT records.

Records include:

  • a record of sales and purchases, and
  • a separate VAT account.

Generally, a business must keep VAT business records for at least 6 years (or 10 years if they use the VAT MOSS service). By special permission, HMRC may allow you to keep some records for a shorter period. For example, if the 6-year rule causes you serious storage problems or undue expense.

The VAT records can be held on paper, electronically or as part of a software program. There are no specific VAT rules about using a computer. Records used for other tax purposes may need to be kept for longer periods.

There are financial penalties that can be levied for a failure to keep or produce the VAT records required by law.

Planning note:

Regarding the issue of a VAT sales invoice:

  • There is no requirement to issue a VAT invoice for retail supplies to unregistered businesses unless the customer requests a VAT receipt.
  • A simplified VAT invoice can be used for supplies of up to £250. There are also specific situations where a VAT invoice does not have to be issued, for example if your customer operates a self-billing arrangement.


25125805 m

 

 

Start ups require a quick response and have lots to do quite apart from the administrative setup of the business.  We provide a complete service.

Read more...

13282222 m

As a general practice we have expertise in a wide range of industries.  We are also statutory auditors, enabling us to prepare reports where that status is required. 

Read more...

24961532 m

Certainty of costs enable planning and confidence.  We have insurance schemes available.

Read more...

25332423 l

 

 

We provide a range of software to help run your business and enable easy interaction with us.

Read more...

Membership

 

About Us

Established in 1991 based in Epsom Surrey, CWM use technology to its fullest extent enabling us to work with clients based anywhere, with maximum efficiency resulting in lower costs.

Contact US

1a High Street
Epsom
Surrey
KT19 8DA
01372 727333

This email address is being protected from spambots. You need JavaScript enabled to view it.

http://www.cwmaccountants.com

Follow Us