HM Revenue & Customs (HMRC) has updated its guidance on how to keep VAT records.
The guidance, issued on 22 June, replaces the edition published in December 2007. As well as correcting out of date information, the publication includes new guidance on issuing VAT simplified invoices by businesses other than retailers.
Topics covered in the guidance also include:
- what records must be kept and for how long
- keeping a VAT account
- filling in a VAT return
- VAT invoices, including invoices to other European Union member states.
Link: The updated guidance