Updated VAT retail scheme notices
HMRC have issued the latest versions of four notices relating to VAT retail schemes:
Notice 727 – VAT & Retail Schemes
This provides information about the VAT retail schemes and provides some guidance on choosing which VAT retail scheme to use. The notice also provides information on the main features of VAT retail schemes. The notice replaces the previous version issued in August 1997.
Notice 727/3 – VAT & Retail Schemes: How to work the Point of Sale Scheme
This tells businesses about the Point of Sale Scheme, one of the standard VAT retail schemes and explains the general rules applicable to the scheme. The notice replaces the previous version issued in August 1997.
Notice 727/4 – Retail schemes: How to work the apportionment schemes
This tells businesses about Apportionment Schemes 1 and 2, two of the standard VAT retail schemes and explains the general rules applicable to the schemes. The notice replaces the previous version issued in March 2002.
Notice 727/5 – VAT & Retail Schemes: How to work the Direct Calculation Schemes
This notice tells businesses about Direct Calculation Schemes 1 & 2, two of the standard VAT retail schemes and explains the general rules applicable to the schemes. The notice replaces the previous version issued in August 1997.