HMRC release new version of Notice “Keeping VAT records”
HMRC have released a new version of their VAT Notice number 700/21 on keeping VAT records.
The previous version of the notice was issued in March 2002. The new notice gives guidance on what information you need to keep if you are registered for VAT, including details of what should appear on a VAT invoice.
HMRC say in the notice that it includes:
* new guidance on changes to the law allowing us [HMRC] to direct record keeping requirements for certain types of goods (see paragraph 2.5)
* a new paragraph explaining what to do with your records if you sell or transfer your business as a going concern (see paragraph 2.9).
The notice is worth getting and reviewing to ensure that you are up to date with the current requirements of HMRC for record keeping. You can get a copy of the notice from HMRC’s website – this link should download a PDF version for you.
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