VAT records to be kept

What purchase records do you keep?

You should record purchases of goods intended for re-sale separately from goods or services not intended for re-sale. You should also record details of your imports and intra-Community acquisitions.

Your records should show:

• the date of the purchase invoice
• a consecutive number (in the order in which the invoices are filed)
• the name of the supplier
• the cost exclusive of VAT
• the amount of VAT charged
• the purchases at each VAT rate, recorded separately.

Next: What sales records do you keep?