How long do I need to keep VAT records for?

Thursday September 2016

VAT-registered businesses must:

• keep records of sales and purchases
• keep a separate summary of VAT; and
• issue correct VAT invoices.

In the UK, VAT records must be kept for at least six years (or ten years the trader uses the HMRC VAT mini-one-stop-shop (VAT MOSS) service. VAT records may be kept on paper, electronically or as part of a software program (e.g. bookkeeping software) – but whichever method is used, the records must be accurate, complete and readable. HMRC can visit businesses to inspect record-keeping and impose penalties if the records are not in order.

• ❮ Previous
• Next ❯

Click here to see how easy it is to switch to Cowley Holmes