MTD – What records do I need to keep?

The following records must be kept in an MTD compliant manner:

Your summary data, including:

  • The output tax due on sales.
  • The output tax due on acquisitions from other EU member states.
  • The tax payable on behalf of your supplier under a reverse charge procedure.
  • The tax that needs to be paid following a correction or error adjustment.
  • The input tax claimable from business purchases.
  • The input tax allowable on acquisitions from other EU member states.
  • The tax reclaimable following a correction or error adjustment.
  • Any other necessary adjustment required by VAT rules.

Designatory data:

  • Business name.
  • Address of your principle place of business.
  • VAT registration number.
  • A record of any VAT accounting schemes used
  • For each supply you make: • The time of supply (the tax point). • The value of the supply (Net excluding VAT). • The rate of VAT charged.

For each supply you make:

  • The time of supply (the tax point).
  • The value of the supply (Net excluding VAT).
  • The rate of VAT charged.

For each supply you receive:

  • The time of supply.
  • The value of the supply.
  • The amount of input tax that you will claim.

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