Rules on recording figures from supplier statements relaxed

HMRC has revised Notice 700/22: Making Tax Digital for VAT with new information on keeping digital records in relation to supplier statements petty cash transactions and charity fundraising events. It also updated the information on the turnover test following the rules when exempt digital links supplies made by third party agents and supplies received.

On supplier statements (para 4.3.3.1) the guidance says some businesses receiving a lot of invoices from the same source record the value of supplies from a supplier statement instead of individual invoices. HMRC has confirmed that while it considers best practice to be to record digitally the individual supplies so as to reduce the risk of invoices being missed or entered twice it will accept the recording of totals from a supplier statement when all the supplies on the document relate to the same VAT period and the total VAT...