Ensuring Compliance: Digital Record Keeping for VAT Under Making Tax Digital

• Digital record keeping is required for VAT compliance under Making Tax Digital
• All VAT-registered businesses must maintain accurate digital records
• Records must include VAT charged and paid, time and value of each supply, and any VAT return adjustments
• Reverse charge transactions and VAT accounting schemes must be recorded
• Compatible software or spreadsheets must be used to link directly to HMRC systems
• Manual data transfers are not allowed; digital links are required
• Digital record keeping should start upon VAT registration and records must be kept for at least six years
• Proper digital record keeping helps avoid errors and compliance issues

Source: ecovis.co.uk

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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