From 1 April 2019, most businesses with a taxable turnover above £85,000 are required to follow the rules for Making Tax Digital for VAT. As a result, HMRC has published new guidance on record keeping, which explains what records a business needs to keep digitally if it has signed up for Making Tax Digital for VAT. The guidance explains:
- How to keep digital records; and
- The business records you must keep, including guidance on the records relating to:
- Supplies a business makes;
- Supplies a business receives;
- Making a reverse charge supply;
- Businesses that operate a VAT scheme.
You can view the guidance at http://tinyurl.com/y273yla5.