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Retail Scheme recording


#1

Hello, totally new to this, I use microsoft works spreadsheets for my records and a retail scheme 727. How do I record daily takings from my till z read without having to do a vat breakdown. My vat liability is calculated from purchases against sales under the scheme. We use a manual till and being expected to know every item in the shop which is vat or zero vat is not happening and would only lead to entry errors on the till and make matters worse.
Can the software allow me just to enter DGT (I can break down into cash and card) without vat breakdown and then calculate my liability from my purchase invoices?
Thank you in advance.


#2

I see there are no replies so is this because

  1. I worded the question in only a way that makes sense to me, or
  2. There is no way to do what I need in which case I need to look for other software.
    ?

#3

Possibly a bit of both and also ? as this forum is more for general support in using Quickfile itself so maybe no-one is entirely sure what a retail scheme 727 and DGT is.

There does appear to be different schemes under the general heading of “retail scheme 727”, what exactly is it you need to do?


#4

I don’t think QuickFile has direct support for doing the apportionment calculations automatically. You could record your DGT (“Daily Gross Takings” for those who don’t know the retail scheme) as an invoice at zero VAT each day using the cash register tool, but you’d still have to do your own apportionment calculations at the end of each quarter.

When you start preparing a VAT return in QuickFile you can “download calculations” to get the backing data that explains (among other things) exactly which purchases it is reclaiming the VAT for and how much the net and VAT amount is for each purchase. You’d have to:

  • manually filter this list to extract just the purchases that are actually stock for resale (so not including overheads like utility bills, advertising, etc.)
  • work out the VAT proportion for those purchases (VAT divided by net-plus-VAT)
  • multiply the sales total by that to get your sales VAT
  • and then apply a manual adjustment to the VAT return boxes 1 (add the VAT) and 6 (subtract the VAT).

Finally you’d then have to journal the adjusted VAT from credit “manual adjustments” to debit “general sales” to get the P&L back into line.

There might be a way to use project tagging to simplify the first step (splitting stock purchases from overheads).


#5

In reply to Lurch
when entering a Z read from my till roll I am asked for a breakdown of cash and card sales and then vat and zero vat rated sales. ( DGT stands for daily gross takings).
I do not distinguish between vat and non vat sales on my till as the retail scheme I use takes the percentage of zero vat purchases from all my invoices and applies that percentage to the sales to determine the vat amount I need to send off to HMRC.
My problem is can quickfile allow me to record my daily takings without having to seperate out out the vat and non vat sales, on the “cash register” section it appears it cannot.
Hope that makes more sense.
cheers
G


#6

and thank you for responding. :slight_smile:


#7

Thank you. hmm, seems like this MTD malarky is not actually going to make my task easier with the scheme I use.
I appreciate your comments.
Cheers
G


#8

I think doing it using the cash register tool would not allow you to do it automatically but if you do the process manually you can enter your daily takings using a standard invoice and manually create the net sales and VAT lines to be whatever you wanted.


#9

Thank you.
I think I may have to research other systems and see if anything is set for my needs without having to adjust to suit. I guess HRMC wont know them selves if truth be known. I have also read ( but cannot confirm), there is no penalty in place for not doing MTD so may just continue and pay as usual and see what transpires.