VAT ACCOUNTS
VAT is a complex consumer taxation and you the retailer are the VAT man’s unpaid collector of taxes. You could possibly keep more of the VAT you collect.
Many of you have the option to choose from four Retail VAT Schemes. You may be surprised to learn that choosing the wrong scheme for your business can mean that you pay as much as between 8 to 23% more VAT than is necessary to HMRC.
| Scheme | D1Z | D1H | AS1 | AS2 |
| Box 1 | 34107.89 | 31843.90 | 33869.38 | 29684.10 |
| Box 4 | 23959.03 | 23959.03 | 23959.03 | 23959.03 |
| Box 5 | 10148.86 | 7884.87 | 9910.35 | 5725.07 |
| Box 6 | 247131.32 | 249395.31 | 247369.83 | 218889.55 |
The table above details the Value of Sales VAT due for one VAT period (actual figures from a return submitted March 2020 Convenience Store) The difference between the highest and lowest value is £4423.79.
The interesting fact is that HMRC VAT will accept whichever value you submit, they are all correct inline with the scheme rules in which they have been calculated.
No obligation VAT Audit
For those who qualify we offer a free no obligation audit of one VAT Period, to take advantage of this offer call 01263 340150 or email [email protected].