Here you must keep value-added tax (VAT) records for at least 6 years or 10 years if you used the VAT MOSS service. You can keep VAT records on paper, electronically, or as part of a software program such as bookkeeping soft wares.
A VAT registered individual or company is required by law to keep all of the records. The main value-added tax registered records are Transaction related records, VAT accounts records, accounting records & statements.
Transactions-related records given below;
• Records of goods and services that have been disposed of or used for non-business purposes, detailing the value-added tax paid on those goods and services.
• Records of all sales or supplies and imports of goods and services
• Records of exported goods and services
• All tax invoices and alternative documents (purchases and expenses bills) received.
• All tax invoices and alternative documents issued and all tax credit notes, and alternative documents received.
VAT account records are given below;
• Output tax due on taxable supplies accounted for via the reverse charge mechanism and Output tax due after the correction of any errors or adjustments.
• Output tax due on taxable supplies or value-added tax on sales & Input tax recoverable after the correction of any errors or adjustments.
• Input tax recoverable on supplies or imports, value-added tax on purchases, expenses, and import.
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Accounting records & statements
• Balance sheet and profit and loss and Records of wages and salaries.
• Inventory records and statements (including quantities and values) at the end of any relevant tax period and all records of stock counts related to inventory statements.