27. Accounts

(1) The full and true records of all transactions that affect or may affect the accountable person’s liability to tax and entitlement to deductibility, which every accountable person is required to keep in accordance with Chapter 7 of Part 9 and section 124(7) of the Act, shall be entered up to date and include—

(a) in relation to consideration receivable from registered persons—

(i) the amount receivable from each such person in respect of each transaction for which an invoice or other document is required to be issued under Chapter 2 of Part 9 of the Act, and

(ii) a cross-reference to the copy of the relevant invoice or other document,

(b) in relation to consideration receivable from unregistered persons—

(i) a daily total of the consideration receivable from all such persons,

(ii) a cross-reference from that daily total to the relevant books or other documents which are in use for the purposes of the business, and

(iii) where the accountable person uses an electronic cash register or point of sale system, the complete record of each entry on that register or system, uniquely identified by sequential number, date and time of such entry,

(c) in relation to consideration receivable from persons registered for value-added tax in another Member State—

(i) the amount receivable from each such person in respect of each transaction for which an invoice is required to be issued under Chapter 2 of Part 9 of the Act, and

(ii) a cross-reference to the copy of the relevant invoice,

(d) in relation to intra-Community acquisitions of goods, in respect of which the accountable person is liable to pay the tax chargeable—

(i) the amount of the consideration relating to those acquisitions, and

(ii) a cross-reference to the relevant invoice,

(e) in relation to importations of goods, a description of those goods together with—

(i) particulars of their value as determined in accordance with section 53(1) of the Act,

(ii) the amount of the consideration relating to the purchase of the goods if purchased in connection with the importation,

(iii) the amount of tax, if any, paid on importation, and

(iv) a cross-reference to the invoices and customs documents used in connection with the importation,

(f) in relation to goods supplied in accordance with section 19(1)(f) of the Act, being goods developed, constructed, assembled, manufactured, produced, extracted, purchased, imported or otherwise acquired by the accountable person or by another person on his or her behalf, and applied by the accountable person (otherwise than by way of disposal to another person) for the purposes of any business carried on by him or her—

(i) a description of the goods in question, and

(ii) the cost, excluding tax, to the accountable person of acquiring or producing those goods, except where tax chargeable in relation to the application of the goods would, if it were charged, be wholly deductible under Chapter 1 of Part 8 of the Act,

(g) in relation to goods supplied in accordance with section 19(1)(g) of the Act, being goods appropriated by an accountable person for any purpose other than the purpose of his or her business or disposed of free of charge, where tax chargeable in relation to the goods—

(i) on their purchase, intra-Community acquisition or importation by the accountable person, or on their development, construction, assembly, manufacture, production, extraction, or application in accordance with section 19(1)(f) of the Act, as the case may be, was wholly or partly deductible under Chapter 1 of Part 8 of the Act, or

(ii) where the ownership of those goods was transferred to the accountable person in the course of a transfer of a totality of assets, or part thereof, of a business and that transfer of ownership was deemed not to be a supply of goods in accordance with section 20(2) of the Act,

a description of the goods in question and the cost, excluding tax, to the taxable person, of acquiring or producing them,

(h) in relation to services deemed to be supplied by a person in the course or furtherance of business in accordance with section 27(1) of the Act—

(i) a description of the services in question, and

(ii) particulars of the cost, excluding tax, to the accountable person of supplying the services and of the consideration, if any, receivable by him or her in respect of the supply,

(i) in the case of the supply of services in circumstances that, by virtue of any of the provisions of Chapter 3 of Part 4 or section 104(2) of the Act, are deemed to be supplied outside the State—

(i) the full name and address of the person to whom the services are supplied,

(ii) the nature of the services,

(iii) the amount of the consideration receivable in respect of the supply, and

(iv) a cross-reference to the copy of the relevant invoice or other document,

(j) in the case of the receipt of goods and services in the State in respect of which the recipient of those goods and services is liable to pay the tax chargeable—

(i) a description of the goods and services in question, and

(ii) a cross-reference to the relevant invoice,

(k) in relation to discounts allowed, or price reductions made, to a registered person subsequent to the issue of an invoice to such person—

(i) the amount credited to such person, and

(ii) except in a case in which section 67(5)(a) of the Act applies, a cross-reference to the corresponding credit note,

(l) in relation to discounts allowed, or price reductions made, to unregistered persons—

(i) a daily total of the amount so allowed, and

(ii) a cross-reference to the goods returned book, cash book or other record used in connection with the matter,

(m) in relation to bad debts written off—

(i) particulars of the name and address of the debtor,

(ii) the nature of the goods or services to which the debt relates,

(iii) the date or dates on which the debt was incurred, and

(iv) the date or dates on which the debt was written off,

(n) in relation to goods and services supplied to the accountable person by another accountable person—

(i) the amount of the consideration payable,

(ii) the corresponding tax invoiced by the other accountable person, and

(iii) a cross-reference to the corresponding invoice,

(o) in relation to goods and services supplied to the accountable person by unregistered persons, and goods and services in respect of which flat-rate farmers are required in accordance with section 86 of the Act to issue invoices—

(i) a daily total of the consideration payable to such persons, and

(ii) a cross-reference to the purchases book, cash book, purchases dockets or other records which are in use in connection with the business,

(p) in relation to goods and services supplied to the accountable person by flat-rate farmers who are required, in accordance with section 86 of the Act, to issue invoices—

(i) the amount of the consideration payable (exclusive of the flat-rate addition) and the amount of the flat-rate addition invoiced by each such farmer, and

(ii) a cross-reference to the corresponding invoice,

(q) in relation to discounts or price reductions received from registered persons, subsequent to the receipt of invoices from such persons, except in a case in which section 67(5)(a) of the Act applies—

(i) the amount of the discount or price reduction, and the corresponding tax received from each such person, and

(ii) a cross-reference to the corresponding credit note,

(r) in relation to discounts or price reductions in relation to goods and services supplied to the accountable person by flat-rate farmers who are required, in accordance with section 86 of the Act, to issue invoices—

(i) the amount of the discount or price reduction (exclusive of the flat-rate addition) and the amount of the corresponding flat-rate addition, and

(ii) a cross-reference to the invoice issued in connection with the goods and services in question,

(s) in relation to discounts or price reductions received other than those referred to in subparagraphs (q) and (r)—

(i) a daily total of the amounts so received, and

(ii) a cross-reference to the cash book or other record used in connection with such matters,

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(t) in relation to a supply of margin scheme services by a travel agent (within the meaning of section 88(1) of the Act) that includes qualifying accommodation (within the meaning of section 60(1) of the Act), a copy of the document that the travel agent is required to issue to a traveller (being a “delegate” within the meaning of section 60(1) of the Act) in accordance with section 66(5) of the Act,

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(u) in relation to the receipt of margin scheme services by a traveller (being a “delegate” within the meaning of section 60(1) of the Act) that includes “qualifying accommodation” within the meaning of that section, the document issued by the travel agent in accordance with section 66(5) of the Act to the traveller in respect of that qualifying accommodation,

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(v) in relation to each capital good in respect of which a capital goods owner is required to create and maintain a capital good record in accordance with section 64(12) of the Act—

(i) the total tax incurred,

(ii) the amount of the total tax incurred which is deductible in accordance with Chapter 1 of Part 8 of the Act,

(iii) the date on which the adjustment period begins,

(iv) the number of intervals in the adjustment period,

(v) the initial interval proportion of deductible use,

(vi) the total reviewed deductible amount,

(vii) the proportion of deductible use for each interval,

(viii) details of any adjustments required to be made in accordance with Chapter 2 of Part 8 of the Act, and

(ix) details of any sale or transfer of the capital good or details of any assignment or surrender of a lease where section 64(7)(b) of the Act applies in relation to that capital good,

and

(w) in respect of supplies of goods specified in paragraphs 1(1) to (3), 3(1) and (3) and 7(1) to (4) of Schedule 2 to the Act—

(i) the name and address of the person to whom the goods are supplied,

(ii) a description of the goods supplied,

(iii) the amount of the consideration,

(iv) a cross-reference to the copy of the relevant invoice, and

(v) a cross-reference to the relevant customs and transport documents.

(2) The accounts kept in accordance with paragraph (1) are required to set out, separately, the consideration, discounts, price reductions, bad debts and values at importation under separate headings in relation to—

(a) exempted activities, and

(b) goods and services chargeable at each rate of tax including the zero rate.

(3) In relation to a person authorised in accordance with section 80(1) of the Act to determine the amount of tax which becomes due by such person by reference to the amount of moneys which he or she receives, references in this Regulation to consideration in respect of the supply of goods or services are to be construed as references to such moneys received in respect of such supply.