Which document is essential for retaining VAT records digitally?

Retaining VAT records digitally requires maintaining invoices that contain all the necessary information. For VAT purposes, invoices must include specific details such as the supplier’s name and address, the VAT registration number, the date of issue, a unique invoice number, descriptions and quantities of goods or services supplied, and the price excluding VAT, along with the amount of VAT charged.

Having invoices that meet these requirements is crucial because they serve as the primary documentation for VAT accounting and compliance. This ensures that businesses can accurately report VAT collected on sales and VAT deducted on purchases during tax assessments. Properly maintained digital invoices facilitate efficient record-keeping, streamline audits, and help businesses demonstrate compliance with tax regulations.

While other documents, such as business operational manuals, employee contracts, and supplier address lists, may have their importance in different contexts, they do not fulfill the specific role and information requirements for VAT record retention.