Retail Daily Gross Takings
If you work within the retail sector then you will need to review your till software to check your compliance, in line with MTD for VAT.
As you may be aware businesses are required to have digital links in place to support their VAT returns, there was a soft-landing period but this has now ended.
Details of your sales must be kept, maintained and preserved digitally. The regulations refer to this information as your ‘electronic account’. Whilst those in retail do not need to create a sales invoice for every customer purchase made, you do need to keep a digital record of your daily gross takings (DGT).
The most common way of keeping a digital record is to use of a point of sale system, such as a till, where the VAT liability of the goods being sold is decided at the point when the customer buys them.
Most tills are able to produce a report at the end of the day (often called a z-reading) which give a daily gross takings figure and shows the split between zero and standard-rated sales.
- Confirm if your till software provides a report of daily gross takings
- Get into the habit of downloading this report regularly
- Forward it to a4c to be incorporated within Xero, to comply with the Making Tax Digital laws when filing your VAT returns.
If you are unsure how to do this then please speak to your till software provider.
Of course, if you have any questions regarding MTD, then don’t hesitate to get in contact with the a4c Team on 01737 652 852.