Commentary

V7.245 Retail and margin schemes—planning points to consider

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.245 Retail and margin schemes—planning points to consider

Part V7 Tax planning | Commentary

V7.245 Retail and margin schemes—planning points to consider

The following planning points should be given consideration in relation to retail or margin schemes:

  1.  

    •     A business may need to justify to HMRC why it cannot adopt a Point of Sale retail scheme by, for example, using a multi-buttoned till. The Point of Sale scheme should give the most reliable output tax calculation because the VAT liability is based on actual sales made by the business.

  2.  

    •     Each retail scheme has potential benefits as well as potential problems for users. For example, a Point of Sale method using a multi-button till

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