An understanding of VAT is essential for any type of business, but retailers and their advisers need to be familiar with the particular rules which apply to their sector, from the special retail schemes to the VAT treatment of vouchers and loyalty schemes, mail order sales and sales outside the UK (both within and outside Europe).

This book offers practical guidance on the basic rules of VAT as it affects a retail business, and on the VAT issues specific to the retail sector.

Contents

Introduction and overview of key developments in the last few years.

VAT – how does it affect the retailer? The basics, turnover calculation, compliance obligations, suppliers, customers, bad debts.

Particular aspects including:

·       Retail schemes/special schemes

·       Vouchers, loyalty schemes etc

·       Second-hand goods

·       Sales outside the UK, EU and non-EU

·       Mail order

·       Electronic sales

Planning/pitfalls, including communication of VAT strategy to key departments (e.g. marketing).

Summary of recent court decisions/changes in law and their impact on VAT planning for retail.

Jim Wilkinson is Head of PricewaterhouseCoopers (PwC) UK and European Retail VAT Groups. Jim began his career in VAT in 1989 with HM Customs & Excise and has been with PwC for the past five years, and before then he was Group VAT Manager for J Sainsbury plc.