Ouutput Vat For Restaurants

Ouutput Vat For Restaurants

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I am currently preparing a Vat return for a restaurant. In relation to output vat on sales, I have the following question for fellow members. The Z reading obviously includes vouchers sold and vouchers redeemed etc. Am I correct in saying that the daily vatable figure should be daily sales plus vouchers sold minus vouchers redeemed (as Vat is calculated at point of sale). I would be most grateful for any advice/clarification on this matter as I know it's an area that can often cause confusion.

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By Peter Kilvington
11th Dec 2012 11:41

Output VAT

The output VAT is due only on the food sold.

Vouchers redeemed are a method of payment so for instance if you sold me £120.00 of food which I paid for using a voucher the output VAT would be £20.00 for the food, and not nil.

Like wise vouchers sold for a value less than or equal to the value of the voucher are an exchange of cash and the output VAT is charged when the voucher is redeemed.

Make sure though it is a voucher you are selling instead of the prepayment of a meal or a deposit.

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