Newsagents and Convenience Stores

Most often, we will save you money!!

We’re so confident in our services, if your business is chosen by HMRC for a random VAT inspection, we’ll attend your premises on the day with no charge!

 Now Read On ………..

Your Accounts² has been the retail VAT specialists to convenience stores and newsagents all over Scotland for more than twenty-five years.

Convenience Store and Newsagent VAT Complications

If you operate a newsagent or a convenience store, you’ll know your VAT calculations are complicated.  Most accountants do not like these calculations because of complications including:

  • several different VAT rates on your sales.
  • VAT rates that change from purchase to sale, e.g. Hot Food or Domestic Fuel
  • different VAT treatments for 3rd party sales such as lottery tickets and Pay Point receipts.
  • VAT rates for 3rd party services vary such as parcel collections, ATM commissions and Money Transfers.
  • different rules when reclaiming VAT already paid on overheads, there are different rules for calculating what is allowable. You only get to that problem once you know which expenses include VAT and at what rate.

This means calculating what VAT is payable to HMRC has many potentially expensive pitfalls, even with well-kept records.

  • How do you know the VAT you have paid is acceptable to HMRC?
  • How would you justify, defend and prove your submissions are fair to HMRC?
  • Do you have peace of mind and remember HMRC can review at least 4 years.

Your Account² are the retail VAT specialist you need

We give our clients peace of mind as Your Accounts² has been the retail VAT specialists to convenience stores and newsagents since 1995.

HMRC say there are 3 ways to calculate your VAT, there are actually 9. All give different payments, and all are potentially acceptable to HMRC. As each business is unique, we will work to find the most credible option for you.The aim is to pay the least VAT possible and maintain good relations with HMRC.

EPOS and the potential for programming errors

We pay particular attention to EPOS systems.  Programming errors are often invisible and can lead to big problems in the future.  VAT problems keep increasing.

We run calculations in the background to give peace of mind, and produce the back-up required at any VAT visit.  This will also highlight potential margin problems early.

We provide well organised reports with bound and cross-referenced invoices.

Get in touch for a no obligation, free initial consultation.