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HMRC internal manual

Compliance Handbook

How to do a compliance check: records: statutory records: specified records

Records are likely to be specified in regimes that require transactions to be recorded throughout the course of each monthly or quarterly accounting period, for example VAT.

The Companies Act also specifies accounting records that must be kept, see CH11400.

Some VAT records are specified because they are required by EU legislation.

Some records are specified in order to enable HMRC to tackle particular risks, for example detailed stock records for those that might be affected by MTIC fraud.

Revenue traders are required to keep an excise duty account to record excise goods received, duty points and duty due (and any adjustments) in an accounting period. It does not necessarily have to contain information relating to amounts received or paid in respect of the goods, but must provide sufficient cross referencing information so as to make readily ascertainable the value of the goods. (The Revenue Traders (Accounts and Records) Regulations 1992).