VAT in retail
DorotaD
Registered Posts: 11
Hi,
I am not expert in retail and would appreciate advice on following:
-till rolls: does shopkeeper need to print and retain all detailed till rolls or daily totals "Z report" would be sufficient? She complained that printing and storing detailed till rolls means storing huge amount of documents therefore she does not print. I found HMRC manuals and CCH guide saying that till rolls are required.
- VAT rates: as this is grocery store, most of supplied products is food hence zero rated, except drinks, alcohol, sweets, chocolates. My understanding of VAT rules on output is that all is standard rated unless specifically exempt. I understand that all sweets, water, juices, alcohol beverages and chocolate products are standard rated. She claims, that some of her suppliers (UK based) charge her zero rate on sweets and beverages and some charge standard rate and that she set up her till based on supplier rating, which is wrong in my opinion. If she pay 20% VAT on sales and supplier zero rate, she cannot reclaim input VAT, am I correct? In my opinion she should have list of all zero rated products she sells, is that correct?
- is there any independent VAT advise service, I could use? I don't want to contact HMRC and give all business details at this stage.
Anyone experienced please help!
Many thanks,
Dorota
I am not expert in retail and would appreciate advice on following:
-till rolls: does shopkeeper need to print and retain all detailed till rolls or daily totals "Z report" would be sufficient? She complained that printing and storing detailed till rolls means storing huge amount of documents therefore she does not print. I found HMRC manuals and CCH guide saying that till rolls are required.
- VAT rates: as this is grocery store, most of supplied products is food hence zero rated, except drinks, alcohol, sweets, chocolates. My understanding of VAT rules on output is that all is standard rated unless specifically exempt. I understand that all sweets, water, juices, alcohol beverages and chocolate products are standard rated. She claims, that some of her suppliers (UK based) charge her zero rate on sweets and beverages and some charge standard rate and that she set up her till based on supplier rating, which is wrong in my opinion. If she pay 20% VAT on sales and supplier zero rate, she cannot reclaim input VAT, am I correct? In my opinion she should have list of all zero rated products she sells, is that correct?
- is there any independent VAT advise service, I could use? I don't want to contact HMRC and give all business details at this stage.
Anyone experienced please help!
Many thanks,
Dorota
0
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