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What records must I keep as part of Making Tax Digital for VAT?

Created on  | Last modified on 

Summary

This guide explains what records HMRC advise you must keep under Making Tax Digital (MTD) for VAT.

Resolution

HMRC VAT Notice 700/22 advises that the following records need to be kept in an MTD compliant manner:

Designatory data:

  • Business name
  • Address of your principle place of business
  • VAT registration number
  • A record of any VAT accounting scheme used

For each supply you make:

  • The time of supply
  • The value of the supply
  • The rate of VAT charged

For each supply you receive:

  • The time of supply
  • The value of the supply including any VAT that is not claimable
  • The amount of input tax that you will claim.

Your VAT account, including:

  • The output tax due on sales
  • The output tax due on acquisitions from EU member states
  • The tax payable on behalf of your supplier under a reverse charge procedure
  • The tax that needs to be paid following a correction or error adjustment
  • The input tax claimable from business purchases
  • The input tax allowable on acquisitions from EU member states
  • The tax reclaimable following a correction or error adjustment
  • Any other necessary adjustment required by VAT rules

Find out more about MTD


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