Digital tax records: Next step for VAT-registered businesses

VAT-registered farm businesses should switch to electronic record-keeping without delay or risk being caught by HMRC’s Making Tax Digital (MTD) legislation, say accountants.

Details that must be provided digitally include:

Business name and principal address
VAT registration number
A record of any VAT accounting schemes used
Details of each supply made including date (tax point), value and VAT rate
Details of every supply received including date (tax point), value, any VAT not claimable and input tax

 

Source: fwi.co.uk

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