V3.571 Point of sale scheme

The point of sale scheme (POS) is used to calculate output tax on goods or services supplied either at one positive rate of tax, or at more than one rate of tax, where supplies at different rates can be satisfactorily separated at point of sale. The scheme is described in Notice 727/3/201 (Part V8).

A retailer selling goods or services at only one positive rate of tax must use the POS scheme2. Where the retailer sells goods or services at more than one rate of tax, it is important that staff can accurately separate supplies3.

No adjustment for stock needs to be made under the POS scheme. No annual

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial