Keeping VAT records
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
- file invoices in consecutive numbers
- the name of the supplier
- the cost, exclusive of Value-Added Tax (VAT)
- the amount of VAT charged
- the purchases at each VAT rate, recorded separately.
Next: What sales records do you keep?