Accounting checklist

Adjusting expected selling prices (ESPs)

Generally

Value adjustments

Volume adjustments

Advantages

Annual accounting scheme

Appeals

Apportionment schemes

Case law

Generally

Official publication

Points to consider when choosing

Retailers with £100m turnover threshold

Retailers with £1m turnover threshold

Bad debt relief

Bad debt relief on sums retained by superstore in liquidation

Bespoke scheme

Agreement

Basis, old schemes

Contents

Definition

HMRC not bound by amendment

Old schemes

Point-of-sale scheme

Refusal

Requirements

Bespoke scheme selection, key factors

Accounting requirements

Application

Business splitting: multiple schemes

Generally

Sales trends

Seasonal changes

Shrinkage

Stock movements

Bespoke scheme, daily gross takings (DGT)

Credit cards (merchant charges)

Credit sales

Delivery charges

Face-value vouchers

Generally

Manufacturer's money-off vouchers

Overs/shorts – overchanging

Stock deficiencies

Bespoke scheme, expected selling prices (ESPs)

Adjustments

Generally

Setting, methods

Bespoke, binding amendment

Caterers

Ceasing to use

Generally

Where flat-rate scheme operated

Change in VAT charged

Change of method without consent

Change of scheme

Final adjustment

General 12-month minimum use of scheme

Retrospective

Changing schemes

Checklist

Chemists

Daily gross takings

'interest-free' credit

Calculation, promotion scheme offering holiday vouchers

Direct-calculation schemes

Eligibility

European law

General provisions

Generally

Hybrid scheme, rejection

Legal effect of agreement

Mail order, 'free gifts' to persons becoming agents

Methods of setting ESPs

Marking-up classes of goods

Marking-up each line of goods

Using recommended retail prices

Normal VAT accounting

Notice, meaning

Official publications having statutory effect

Point-of-sale scheme

Bespoke scheme

Smaller retailers

Publications

Refusal

Appeals

Generally

Regulations

Repayment of overpaid VAT

Retail exports

Retailers with turnover under £1m

Apportionment scheme

Generally

Retrospective change

Generally

Refusal

Rounding up and down

Sales through agents, binding agreement as to method of calculation

Sales to other registered businesses

Scale charge for road fuel

Scheme A

Calculation of daily gross takings

Scheme B

Goods acquired on transfer of business as going concern

Permission to operate

Stock in possession at commencement of trade

Transfer of business as a going concern

Value of supply on simultaneous transfer and cesser of use of scheme

Worms used as food for fish

Scheme B1

Transfer of business as going concern

Scheme D

Assessment, best of judgment

Eligibility

Scheme D incorrectly operated

Generally

Retrospective assessment

Scheme E

Incorrect application

Scheme H

Adaptation, arrangement between taxpayer and Customs

Mail order sales through agents, method of determining tax liability

Transfers of stock as part of transfer of going concern

Scope

Selection guidelines

Separate calculations: change in standard VAT rate

Smaller retailers

Apportionment schemes

Choice of standard scheme

Direct-calculation schemes

Point-of-sale scheme

Standard schemes

Standard method of calculating daily gross takings

Generally

Withdrawal

Statutory basis

Tax point

Trading stamps

Using more than one standard scheme

Value added tax

Variation of terms