V3.143 Retailers

Regulations1 made under VATA 1994, Sch 11, para 2(6) allow HMRC to permit retailers to calculate the value of their positive-rated2 taxable supplies by reference to a method described in a notice issued by HMRC. It has been held that the calculation of the value of gross takings in accordance with such a notice does not affect the rules regarding the time of supply3. However, the method of valuing daily gross takings is largely in line with the time of supply rules.

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