TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

VAT Notice 727/2 – Bespoke Retail Schemes

The above notice which deals bespoke retail schemes has been updated.

The notice explains how and when a business may need to agree a bespoke retail scheme with HMRC and updates and replaces the March 2006 version. Changes have been made to:

  • reflect the amended turnover limit for use of the published retail schemes;
  • include a suggested model framework for a bespoke retail scheme agreement;
  • withdraw the requirement for bespoke retail scheme agreements to include annual reviews;
  • introduce the option of signing up to a scheme gradually when full agreement with HMRC can't be reach initially; and
  • explain the circumstances in which HMRC may permit estimation of Daily Gross Takings (DGT) adjustments.

For more information go to http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_000142&propertyType=document