The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the two Direct Calculation retail schemes and should be read in conjunction with the Retail schemes – overview and Retail schemes – specific industries guidance notes.
Businesses can only use this scheme if the total retail turnover does not exceed £130m per annum. If the total turnover exceeds this threshold the business will need to agree a bespoke retail scheme with HMRC. See the Bespoke retail schemes guidance note for more information.
The following thresholds apply to businesses wishing to use a Direct Calculation scheme:
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