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Post Info TOPIC: Vat and Mixed Suppiles
Davey


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Vat and Mixed Suppiles
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Hello.

I would appreciate any advise regarding a vat question i have. I am about to
sort out a VAT RETURN for a Newsagents. There are a Mixed Supply of Goods.
Zero Rated Items  and  Standard Rated items Mainly foods are zero rated
and tobacco standard rated those are the main stock items there are others
also but fewer.  It is easy enough to pick these stock items from the Purchases
invoices as to whether they are standard rated or zero rated items. BUT THE
PROBLEM ARISES The till reciepts do not not show a breakdown of Zero Rated
sales from  Standard Rated sales.  So i cannot take the vat fraction 0f 7/47ths
from total turnover for the vat quarter as it would be including zero rated
sales and would not give a true output tax figure. Can anyone please help.

Thank you for your replies in advance.



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David
Maxholt


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The following link will assist:-

http://www.hmrc.gov.uk/vat/start/schemes/retail.htm

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RobH


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Newsagents always use a retail scheme, in the past there used to be quite a few to chose from but I don't know if that's the case now. Perhaps look at how it was previously prepared. On the 4th quarter you will probably have to prepare a whole of year calculation and make any necessary adjustments (like you would in a partial exemption vat return).

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Rob
www.accounts-solutions.com
Davey


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Thankyou Rob and Max for your replies

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David
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