Retail schemes - Point of Sale

By Tolley

The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:

  • Retail schemes - Point of Sale
  • Basic requirements
  • Operating the POS scheme
  • Books and records
  • VAT return
  • Daily Gross Takings
  • Errors
  • Adaptations
  • Business promotion schemes

This guidance note provides an overview of the Point of Sale (POS) retail scheme requirements. This note should be read in conjunction with the following guidance notes:

  • Retail schemes - overview
  • Retail schemes - Apportionment
  • Retail schemes - Direct Calculation
  • Bespoke retail schemes
  • Retail schemes - specific industries

SI 1995/2518, Pt IX, regs 6675

Basic requirements

Businesses can use the POS scheme if they:

VAT Notice 727/3 ; VRS11000
  • make retail sales
  • are unable to account for VAT using the normal VAT accounting rules

More on Retail schemes: