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Post Info TOPIC: Farm Shop


Senior Member

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Posts: 242
Date:
Farm Shop


Hi

I have a client who runs a farm shop and I believe it would be beneficial for them to register for VAT. Mainly due to the fact they have had some large capital expenditure on refurbishments and equipment etc.

However, due to the nature of what they sell I think it will be difficult for them to keep track of the VAT on sales as there is a large mix of standard and zero rated. They are very new to business and while doing exceptionally well they just have a standard type till. I am therefore, looking to advise them as much as possible how to do this simply to save themselves and me time.

Does anyone have similar experience? Is there a till they could purchase which would be straightforward or does anyone have any advice on this area?

Many thanks in advance

Valerie



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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Posts: 7091
Date:

Hi Valerie
Entirely do-able. Lots of electronic tills can provide the receipts that split the VAT down between standard and zero rated. you will get receipts similar to those you get from high street stores and most cafes. They need to be programmed carefully. They may need to consider bar coding all stock rather than relying on staff guessing the VAT on a particular item as (depending on what they are selling) it can get messy. Look for EPOS systems. The tills provide 'z' listings at the end of the day so will show the split of sales - ensure they get a till that shows this kind of detail.

Im not sure what you mean by a standard till. If its an electronic till then its highly likely it will have the 'z' and vat type features already - it may well be that they dont know how to set it up (happens a lot as these things are as complex as most computers to a technophobe!)

Also - have a look at this www.gov.uk/hmrc-internal-manuals/vat-retail-schemes/vrs11250

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Joanne

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Senior Member

Status: Offline
Posts: 242
Date:

Hi Joanne

Many thanks for your reply.

I will take a look at their till and see what it is capable of.

If it can be programmed I assume you could set different buttons for say ice cream, alcoholic beverages etc.? This may be preferable to barcoding as a lot of their stock is bought in bulk and weighed out (spices etc.), I fear this may be quite time consuming.

Thanks for the link as this also highlighted potential problem areas i.e. hampers of mixed vat rate products.



__________________

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.

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