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VAT Retail Schemes

VAT Retail Schemes in Peterborough

If you are one of the many Peterborough based retail businesses that sell items to the general public you will know that it can be difficult and time-consuming to record the VAT on every individual sale in your accounts, especially if you sell high quantities of relatively inexpensive items.

HMRC have recognised this fact and have set up several retail schemes that can simplify your VAT accounting and the entries on your VAT returns.

Basically a retail scheme means that instead of recording the VAT in each sale in your accounting records you work out the value of your daily gross takings, identify the proportions of your gross takings at each VAT rate (standard, reduced, zero) - your till may be able to do this for you, and multlpy each proportion by the appropriate VAT percentage. Although the standard retail scheme is suitable for most retail businesses there are special arrangements and rules for caterers, chemists and florists.

To find out more about any VAT schemes or for general advice about VAT please contact us in our Peterborough office.

A specialist Moore Stephens VAT website – click here to go to the main Moore Stephens UK website