VAT in the Retail Sector
Course
In City of London and London
Description
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Type
Workshop
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Location
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Class hours
6h
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Duration
1 Day
A retailer is any business that deals mainly with members of the general public, and which is not normally in a position to issue a full VAT invoice. Retailers range from a small corner shop to the major chains and all have many, and specialised VAT issues to address.
Facilities
Location
Start date
Start date
Start date
About this course
Anyone in the retail sector who is responsible for correct VAT compliance and VAT reporting.
Reviews
Subjects
- Retail
- VAT
- Catering
- Retail Sales
- Retail Management
- Export
- Exchange
- VAT management
- Credit Transactions
- Export Sales
- Card Handling Fees
- Food Retail
Teachers and trainers (1)
Gwen Ryder
Teacher
Gwen has been a VAT and customs duty specialist and lecturer for her entire career. She worked in H M Customs (now HM Revenue and Customs) for 9 years before joining the “Big 5”. She subsequently became the VAT and Customs Partner in a top 20 firm, and then formed her own consultancy practice in 2003. Gwen is an Associate of, and former examiner for, the Institute of Indirect Tax, and a member of the Customs Practitioners Group and The VAT Practitioners Group.
Course programme
Retail schemes
- Summary of the retail schemes
- Choosing a retail scheme
- Mixtures of schemes and separate accounting by different parts of the business
- Changing and ceasing to use a scheme
- Gross takings, what must be included and what you are allowed to deduct
- Special transactions
- In depth detail and working of all the schemes
Ensuring VAT is charged at the correct rate
Credit transactions, card handling fees
The retail export scheme
Food retailers and standard rated catering
Discounts, part exchange, and deposits
Dealing with vouchers – all varieties
Theft of goods and cash
Gifts of goods and the linked goods concession
Dealing with non-retail supplies
Exports and distance sales, including over the internet
Letting space and granting concessions to other retailers
Exempt supplies and partial exemption
Recovering VAT on costs
Completing the VAT return and common errors
VAT in the Retail Sector