Simple (hopefully) question regarding the correct accounting treatment of national lottery income.
Am i correct in netting off the income from sales of national lottery tickets etc with the payment to camelot? leaving just the commission as income in the accounts.
Is it also correct to include only the commission (As VAT exempt)on the VAT returns? I ask this question as client is using a retail scheme for VAT as he has zero rated outputs etc>
Many thanks
ian
ian