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?
Replies (1)
Please login or register to join the discussion.
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.