Keeping VAT records

Overview

This section outlines:

  • what sales records you keep
  • what purchase records you keep
  • how long to keep your records.

You need to keep full and true records of all VAT related business transactions. It may affect your liability to Value-Added Tax (VAT) and entitlement to reclaim VAT. Retain items such as:

  • business books and records
  • invoices
  • credit notes
  • debit notes
  • receipts
  • accounts
  • cash register tally rolls
  • vouchers
  • VAT information exchange system (VIES) records
  • Intrastat returns
  • stamped copies of single administrative documents (SADs)
  • bank statements.

To calculate your correct VAT liability or repayment, you need to keep, detailed and up to date records. If Revenue inspect your records, they must be able to verify the accuracy of each transaction.

Next: What purchase records do you keep?