The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
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:
Retail schemes - overview
Retail schemes - Apportionment
Retail schemes - Direct Calculation
Bespoke retail schemes
Retail schemes - specific industries
SI 1995/2518, Pt IX, regs 66–75
Businesses can use the POS scheme if they:
make retail sales
are unable to account for VAT using the normal VAT accounting rules
have a total annual retail turnover, excluding VAT, of not more than £130m, and
can produce a fai
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