The VAT retail schemes are specifically for businesses which are selling directly to the general public. Retail schemes provide a simpler and easier alternative to the standard VAT accounting process, which means recording and accounting for the VAT on every sale. Instead, businesses can simplify their VAT eligible sales to a pre-determined period of time, and calculate VAT owed in total.
There are three different VAT retail schemes that can be used for retail businesses, with additional categories for exclusive turnover. Choosing the right scheme for your business can help you to make the expensive and time-consuming process of recording and calculating each sale much easier.
VAT RETAIL SCHEME
It is highly advised that a business seeks the help of a professional accountant, before registering for a VAT retail scheme. VAT can be an incredibly different area, especially when considering a high volume of sales to the general public.
A skilled accountant can advise you on which scheme is right for your business, whether the scheme will be beneficial, and assist in managing your accounts to ensure that you are always paying the right amount of VAT to the HMRC.
At The Accountancy Solutions, we can assist in all areas of the three retail schemes:
Whichever VAT retail scheme you are considering implementing, or if you require help forming a bespoke retail scheme, our team at The Accountancy Solutions can help. From assessing your businesses eligibility and the registration process, to taking care of the ongoing management of your VAT, our highly experienced team have the expertise to help you simplify your VAT payments.