vat for retailers
One of my clients cannot keep record of his vatable sales. it is retail convenience store so I know a formula to calculate vat for this kind of sales but one of my friend told me that there are 7 different formulas to calculate vat for different types of business so I am wondering if anybody can help me about this, if there are 7 different kind of formulas, where can i get them. I thank you all in advance for your help.
hmrc
The schemes are all detailed on the vat section of the HMRC home page or you could discuss it with your accountant who will be familiar with the schemes and help you choose the one right for you.In fact I am surprised that they did not advise you on this aspect of calculating vat at your initial meeting.
It is essential that you choose the correct scheme the wrong scheme can result in large amounts of vat being paid.