Retail schemes ― point of sale

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

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

Basic requirements

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 fair and reasonable result using this scheme

Notice 727/3; VRS11000

Businesses are required to use the POS scheme if they meet the above requirements and they only supply goods or services that are liable to one VAT rate (eg all sales are liable to VAT at either the standard or reduced rate). If the business makes supplies that are liable to VAT at two different

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Trusts and Inheritance Tax

Spouse exemption from inheritance tax

Spouse exemption from inheritance taxArguably, the most important inheritance tax exemption is the spouse exemption from inheritance tax.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’).

14 Jul 2020 13:56 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more

Employment Tax

Ministers of religion

Ministers of religionMost ministers of religion or members of the clergy are either office-holders or employees and so their earnings are taxable under ITEPA 2003 as employment income and are subject to Class 1 National Insurance.For the purposes of the tax system, a minister does not have to belong

14 Jul 2020 12:14 | Produced by Tolley Read more

Corporation Tax

Double tax relief

Double tax reliefWhen income arises in a foreign country to a UK resident company and that income is taxable in that foreign country, the UK may give the company relief for the foreign tax by crediting the foreign tax against the UK tax charged on that income. This might include withholding tax on

14 Jul 2020 11:31 | Produced by Tolley Read more

��Ƶ