An Introduction to VAT Retail Schemes
- Price: £3.60
- Published: March 2016
- Type: Business Information Factsheet
- Format: PDF
There are a number of VAT accounting schemes that can be used as an alternative to the standard methods of accounting for VAT by a VAT-registered business. These VAT accounting schemes can help certain types of business save time and money.
The VAT retail schemes are specifically for retailers that supply goods to consumers, particularly those that sell a high volume of low-value items. It can be costly and time consuming for a retailer to account for the VAT on each of these items; therefore, retailers can use a VAT retail scheme to simplify the process of accounting for VAT.
This factsheet explains what the VAT retail schemes are, what they cover, and how they operate.