Keeping VAT records
How long do you keep records for?
The retention of certain records is subject to specific time limits. These time limits are outlined in the scenarios listed below:
Records relating to these lettings should be stored for six years following the cancellation of that waiver.
1. A person makes a claim under VAT legislation.
Relevant records should be stored for six years or until the matter at issue is finalised.
2. A person makes an appeal to the Tax Appeals Commission.
Relevant records should be stored for six years or until the matter at issue is finalised.
3. A matter is under inquiry or investigation by Revenue.
Relevant records should be stored for six years or until the matter at issue is finalised.
4. In the case of interests in property acquired or developed prior to 1 July 2008 on which VAT was charged.
Relevant records in respect of that property should be stored for six years after disposal of that interest.
Written permission from Revenue is required for the retention of relevant documents for a period shorter than those outlined above.
You should retain records as follows:
- store paper issued invoices in paper form
- keep paper records within the State. Exceptions to this require Revenue agreement and are subject to conditions
- retain electronic records in accordance with the electronic invoicing rules.
Inspection of records
Revenue has extensive powers to inspect your records. It is an offence if you or your employees fail to co-operate with Revenue. This also applies in relation to the inspection of your records. Revenue officials will have proof of their identity when visiting your business to inspect your records.