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Retail scheme records

All retail schemes require daily gross takings records. Additional requirements depend on your scheme - Point of Sale needs till records split by VAT rate, while Apportionment schemes need purchase records split by VAT rate.

All VAT retail schemes require specific records to be maintained. These must be kept for at least 6 years and be available for HMRC inspection.

Retention period: Minimum 6 years from end of accounting period
Daily gross takings (DGT): Required for all schemes - total takings including VAT
Purchase records: Required for apportionment schemes - split by VAT rate
Expected selling prices: Required for Scheme 2 variants - ESP records for purchases
Annual adjustment calculation: Required for schemes with annual adjustment

Records for all schemes

Daily gross takings (DGT) from all sources
Adjustments for credit notes, refunds, discounts
VAT account showing output tax calculated
VAT invoices issued (for sales to VAT-registered customers)

Additional records by scheme

Point of Sale: Till records showing split by VAT rate
Apportionment 1: Purchase invoices analysed by VAT rate
Apportionment 2: ESP calculations for purchases
Direct Calculation 1: Records of minority goods sales
Direct Calculation 2: ESP records and annual stock counts

Stock records: Required for Direct Calculation 2 - opening and closing minority stock
ESP calculations: Must show method used and be applied consistently
Annual adjustment workings: Full calculation showing how adjustment was derived
Scheme selection record: Document which scheme you use and why it is appropriate

Keep all your business records for VAT for at least 6 years. This includes daily takings records, till rolls or their electronic equivalents, purchase invoices, copies of your VAT returns and your retail scheme workings.

Retail VAT in place

VAT-inclusive prices on every shelf label, price tag, online listing and advert aimed at consumers A retail scheme that fits your turnover and till system, with HMRC agreement for a bespoke scheme if your retail turnover is over £130 million Daily gross takings records kept the way your scheme requires Trade sales invoiced separately and kept out of your retail scheme VAT returns filed and paid by one calendar month and 7 days after each period ends If you sell second-hand goods under a margin scheme: a stockbook and copies of purchase and sales invoices All VAT records kept for at least 6 years

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Next steps

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