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Digital record-keeping and software requirements ― the basics

Under MTD for VAT, various kinds of records have to be kept and maintained digitally in an ‘electronic account’. Records that must be kept digitally in this way include certain ‘designatory data’ about the business, records of supplies made and received, summary data relevant to the VAT return figures and adjustment figures. Special requirements and variations to the general requirements apply in specific circumstances, particularly where a business operates a special VAT scheme (for example, a retail scheme).

The electronic account must be kept in what is referred to as ‘functional compatible software’. There are various conditions that need to be satisfied for an MTD solution to be considered to be functional compatible software but it need not necessarily be