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Post Info TOPIC: VAT Schemes
Count1314


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VAT Schemes
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Does anyone here deal with VAT retail schemes?

I have a new client who cannot be relied on for providing good records although his till roll should ensure good sales records so I thought a retail scheme would simplify matters. I know that these are advertised somewhere (i.e., the HMRC rates) so it is not as if you would get an 'offer' before deciding whether to go ahead with the scheme. I just need to go and find them!! It is a public house and I wonder if it is fairly common for these businesses to adopt the scheme....the ones that have registered for VAT that is!!

Also, is there a prescribed way for dealing with the bookkeeping entries for this VAT? Does everything just get booked as gross and an adjustment to VAT at the end of the period? I would be a bit worried about being able to provide decent analysis of the accounts if a certain account or accounts were simply 'adjusted' for VAT.

I am keen to here how people deal with the bookkeeping but also keen to here the pro's and con's of retail scheme for pubs.

R

 



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leshoward


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There are various Retail Scheme options for a pub. You should note that the vast majority of their sales will be standard rated for VAT.
Do look at the following: www.hmrc.gov.uk/manuals/vrsmanual/VRS12050.htm, www.hmrc.gov.uk/manuals/vrsmanual/VRS11050.htm, There is also a Direct Calculation scheme, which might well prove to be the most useful; see customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal for more details.
The Retail Scheme is a method by which you simply record the Daily Gross Takings (VAT-inclusive), although your till must show each transaction as it is made.
Hope that gives you a start.

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RobH


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Hi Les,

have you found using FRS for pubs to be beneficial? I noticed recently it was a lower rate than I had anticipated.

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Rob
www.accounts-solutions.com
Count1314


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Thanks Les/Rob - Rob......It was actually the FRS I was thinking about thanks! Now......just to watch the turnover limits!

Incidentally, as per my original post, what is the best way to make these bookkeeping entries when dealing with a fixed rate scheme?



-- Edited by Count1314 on Saturday 19th of October 2013 01:15:01 PM

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