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NEIL WARREN offers some festive cheer for retailers, with a few VAT-saving ideas
KEY POINTS
- The need to choose one the five available retail schemes.
- Apportionment Scheme 1 and its limits.
- The importance of knowing the applicable VAT rate.
- The problem of mixed supplies.
- Saving VAT with the flat rate scheme.
- Internet sales and the distance-selling rules.
The retail sector is having a hard time. It is therefore only reasonable that I do my bit for the economy and write an article about how retailers can save some VAT. I will also mention a few pitfalls to consider as the impact of Internet sales has extended the activities of many retailers beyond the UK shores.
Choosing a retail scheme
Many retailers sell goods or services at different rates of VAT i.e. some are zero rated and others are standard rated. Think of...
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