MTD – What is a “digital” record?

Digital records mean records that are captured and held in an electronic/digital format and can viewed on a computer, tablet or mobile device. This could include:

  • a digital image/copy of a paper record (such as a photo, legibly showing all the necessary details, taken on a camera phone close to the point of the transaction).
  • The record itself must include, as a minimum, the date, amount and category of each business transaction.
  • an entry into an accounting system or other software solution or app.

Further details are contained in regulations (The Value Added Tax (Amendment) Regulations 2018 (2018/261)) and VAT Notice, which is now available.

J. A. Neale already have customers submitting their records to us digitally using Receipt Bank.  We then use the information submitted via Receipt Bank to your compatible cloud accounting software.

For more about MTD please see our other FAQ’s on Making Tax Digital