Certain records must be kept digitally within functional compatible software under MTD, and be preserved for up to six years. These include:

Designatory data

It’s compulsory for you to keep a digital record of your business’ name and an address, which is the principal place of business.

Your business’ VAT-registration number and a record of any accounting schemes used must also be recorded digitally.

Supplies made

For each supply made by your business, you must record the time it was supplied, how much it was worth at the time and the rate of VAT charged.

Multiple supplies made at the same time don’t need to be recorded separately.

The total value of supplies on each invoice or receipt that have the same time of supply and rate of VAT can be recorded.

A record must also be kept of output values for the period split between standard rate, reduced rate, zero rate, exempt and outside the scope outputs.

Supplies received

For each supply your business receives, you need to record the time of supply, the value of supply (including any VAT that cannot be reclaimed), and the amount of input tax to be claimed.

If there is more than one supply on an invoice, the totals from the invoice can be recorded.

Contact us on 03333 444 171 or enquiries@sfb.group to discuss the above requirements in more detail – to ensure that you will be MTD ready in time for next April.

 

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