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?