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A trader’s records will generally reflect the size and complexity of the business and may range from the simplest of manual records to the most sophisticated computerised system. »Ê¹ÚÌåÓýapp trader does not have to keep the records in any set format, but they should be up to date and kept in sufficient detail to:

• allow the trader to calculate the amount of VAT to be paid or reclaimed correctly
• enable us to check the figures on the VAT return easily.

Commercial and accounting practices that are common to certain trade sectors, such as self-billing (see Notice 700/62) and authenticated receipts (see Notice 708) in the construction industry, will also impact on a trader’s record keeping.

You can find examples of the most common types of business and accounting records in Notice 700.