HM Revenue & Customs (HMRC) has updated its guidance on how to keep VAT records.
The guidance, issued on 22 June, replaces the edition published in December 2007. As well as correcting out of date information, the publication includes new guidance on issuing VAT simplified invoices by businesses other than retailers.
Topics covered in the guidance also include:
- what records must be kept and for how long
- keeping a VAT account
- filling in a VAT return
- VAT invoices, including invoices to other European Union member states.
VAT is a notoriously complex tax so it makes sense to work with specialists in the field, like the team at Milsted Langdon, who can provide expert guidance on all aspects of VAT compliance and efficiency. For more information, please contact us.
Link: The updated guidance