Businesses registered for VAT must keep records which show how much VAT they have collected. Even after the business has closed, the business must keep the records for 5 years. These are examples of records that must be kept:

• Invoices from your business to customers
• Invoices from your suppliers to you
• A list of debtors (people who owe money to the business) and creditors (people that the business owes money to)
• Bank statements, deposit slips, copies of cheques (the owner of the business must have a bank account)
• Books of account, where the owner of the business writes down how much money has come into the business every month, how much money has been spent and on what