Digital Records for VAT – HMRC Guidance published

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9th April 2019

From 1 April 2019, most businesses with a taxable turnover above £85,000 are required to follow the rules for Making Tax Digital for VAT. As a result, HMRC has published new guidance on record keeping, which explains what records a business needs to keep digitally if it has signed up for Making Tax Digital for VAT. The guidance explains:

How to keep digital records; and
The business records you must keep, including guidance on the records relating to:
- Supplies a business makes;
- Supplies a business receives;
- Making a reverse charge supply;
- Businesses that operate a VAT scheme.

You can view the guidance at http://tinyurl.com/y273yla5.

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Digital Records for VAT – HMRC Guidance published