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Do I need to keep records after VAT inspector has passed them?

Discussion in 'Accountancy, Finance & Tax' started by Busybee, Feb 2, 2017.

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    Busybee

    Busybee Applicant

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    We went through a VAT inspection last year covering the previous 5 years which we passed without difficulty. Can we now dispose of those records? we are very short on space and could do with shredding them.

    Thank you
     
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    Shard Accounting

    Shard Accounting Applicant

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    Yes.

    All VAT records must be kept for a minimum of six years, and in some cases longer.
     
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    Kate Debitoor

    Kate Debitoor Applicant

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    Hi Busybee :)

    You need to keep all VAT records for at least six years - this includes copies of all invoices you send or receive, import and export records, credit notes and any self-billing agreements, as well as general business records such as cheque stubs, bank statements and till rolls.

    This is obviously quite a lot of to keep track of and the paperwork can build up, but fortunately VAT records don't need to be physical documents. HMRC allows you to keep records electronically and accepts tax records that are stored within online bookkeeping systems. You can read more about the rules on HMRC's website.

    I hope this helps answer your question!

    Kate from Debitoor accounting and invoicing software
     
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    Kate Debitoor

    Kate Debitoor Applicant

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