ÀÏ˾»úÎçÒ¹¸£Àû

Retail schemes — Point of Sale


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance

Retail schemes — Point of Sale


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance
imgtext

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

  4. •

    can produce a fair and reasonable result using this scheme

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 rates and

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL
Powered by
  • 03 Oct 2022 07:10

Home/ Tolley Tax Guidance/ Value Added Tax / Choosing and operating a special VAT scheme

Popular Articles

Personal Tax

Self assessment ― amendments and corrections

Self assessment ― amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the

14 Jul 2020 13:37 | Produced by Tolley Read more Read more
Corporation Tax

Entity classification

Entity classificationImplications of entity classificationIf a subsidiary is established, it is important to determine how it will be treated for UK tax purposes as this will determine the basis on which it is taxed. A subsidiary may either be transparent (like a partnership, where the individual

14 Jul 2020 11:37 | Produced by Tolley Read more Read more
Value Added Tax

VAT registration ― artificial separation of business activities (disaggregation)

VAT registration ― artificial separation of business activities (disaggregation)This guidance note should be read in conjunction with the VAT registration ― compulsory guidance note and is relevant to persons established or resident in the UK. Persons that are not established or resident in the UK

14 Jul 2020 13:57 | Produced by Tolley Read more Read more