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VAT: Forms of evidence

Some businesses do not pay enough regard to the importance of what documents say or even to retaining those documents

Accurate records are vital Keeping accurate records is half the battle of compliance, as is cooperating with HMRC’s requests for paperwork. But reliance upon alternative forms of evidence, in the absence of valid VAT invoices, is a journey fraught with risk and a high hurdle for the taxpayer to overcome

The lessons here are that retaining accurate records – be they paper or digital – are critical to VAT compliance. Ensuring the paperwork is clear and complies with VAT rules is also key

Finally, how a taxpayer deals with HMRC can play a significant part in the outcome. A lack of documents and answers that change does not inspire confidence, and ultimately a taxpayer needs HMRC to be confident in the records being presented for inspection

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