The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Bad debt VAT relief on Retail Shop
Post Info TOPIC: Bad debt VAT relief on Retail Shop
Julie Hall


Senior Member

Status: Offline
Posts: 120
Date:
Bad debt VAT relief on Retail Shop
Permalink Closed

Hi there, few queries.  I look after the accounts for a retail shop i.e. I presume I can claim the VAT back straight away on any refunds or bounced credit card payments due the the immediate cash/payment nature of the business, as I know that you would normally have to wait 6 months re VAT if on standard accounting. 

Also sale to to europe where  it is a personal sale i.e. not vat registered client I presume I input as vatable sage as usual on sage T1.

Sale outside UK and europe I think no vat is charged and input through sage as T0.

Thanks

-- Edited by Julie Hall on Friday 3rd of December 2010 01:17:15 PM

__________________

Julie
Stuartbham


Senior Member

Status: Offline
Posts: 195
Date:
Permalink Closed

Hi Julie

I think you'll be fine reclaiming the VAT straight back. I tend to post a contra payment for any bounced cheques etc which reclaims the VAT.

Yep, any sales to non VAT registered individuals are Vatable. I post as T1 but never been 100% it was the correct tax code to use.

I tend to post sales outside of the EU as a T9 transaction, as its my understanding only EU sales go on the VAT return.

Hope I've been of some help - first proper post! hmm

Stuart 



__________________

Stuart

Birmingham City FC - Blues is my religion St Andrews is my church
Julie Hall


Senior Member

Status: Offline
Posts: 120
Date:
Permalink Closed

Thanks very much for reply and welcome to the forum, the people here are really helpful, will check on if sales outside EU should be on VAT return. Any more replies regarding this would be appreciated.

__________________

Julie
BackOfficeGroup


Guru

Status: Offline
Posts: 882
Date:
Permalink Closed

Guys

All sales need to go onto the VAT return, so you should not use be using T9 in this instance.

All sales are vatable even if to a non registered business/person, so T1 will be used for all your sales (unless you have zero rated items).

P



__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Bad debt VAT relief on Retail Shop
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About