Retail vat schemes for a restaurant

Retail vat schemes for a restaurant

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I have a client who is a start up restaurant with projected turnover of 300k. Just wondering how many restaurants (who use EPOS) and then post daily/weekly totals to accounting software use the VAT retail scheme (point of sale) to calculate VAT?

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chips_at_mattersey
By Les Howard
01st Oct 2014 19:08

Restaurant Retail Scheme

The key to the Retail Scheme is the Daily Gross Takings (DGT) figure. Unless you sell any zero rated take away food (unlikely I suggest), output tax is calculated at 1/6th of the DGT amount.

I have seen automated interfaces between a till/EPOS and the accounting software, so that will do the calculation for you.

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