Retail schemes — Point of Sale

Produced by Tolley

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

  • Retail schemes - Point of Sale
  • Basic requirements
  • Can other schemes be used with the POS scheme?
  • Operating the POS scheme
  • Books and records
  • VAT return
  • Daily Gross Takings
  • Exports
  • Errors
  • Adaptations
  • More...

Retail schemes - Point of Sale

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s VAT and customs regime. This document contains guidance on subjects potentially impacted by these changes. Before continuing your research, see the Brexit — overview guidance note.

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:

  1. Retail schemes - overview

  2. Retail schemes - Apportionment

  3. Retail schemes - Direct Calculation

  4. Bespoke retail schemes

  5. Retail schemes - specific industries

SI 1995/2518, Pt IX, regs 66–75

Basic requirements

Businesses can use the POS scheme if they:

  1. make retail sales

  2. are unable to account for VAT using the normal VAT accounting rules

  3. have a total annual retail turnover, excluding VAT, of not more than £130m, and

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