What records do I need to keep as part of MTD for VAT ?
The following records must be kept in an MTD Compliant manner:
Designate Data
- Business Name
- Address of your principle place of business
- VAT Registration number
- A record of any VAT accounting schemes used
For each supply you make
- The time of supply (the tax point)
- The value of the supply (Net excluding VAT)
- The rate of VAT charged
For each supply you receive
- The time of supply
- The value of the supply
- The amount of input tax that you will claim
Your Summary data including
- The output Tax due on sales
- The output Tax due on acquisitions from other 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 other EU member states
- The tax reclaimable following a correction or error adjustment
- Any other necessary adjustment required by VAT rules