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HMRC internal manual

Compliance Handbook

From
HM Revenue & Customs
Updated
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Record Keeping: What records must be kept: VAT: The VAT account

Every taxable person must keep a VAT account. This is so important that its format is set out in the law.

The VAT account has two parts. One part summarises the totals of output tax for each prescribed accounting period, including every error or adjustment that is required or allowed. The other part summarises the totals of input tax for each prescribed accounting period, again including every error or adjustment that is required or allowed.

Further information, including an example of a VAT account, is contained in Notice 700The VAT Guide.

SI1995/2518/Reg 32