Quick debit / credit card charge for use question.
Discussion
We've just started taking cards.
Like many a small business we are adding 30p to totals under a tenner.
Is this technically a sale (i.e. do we put a button on the till for it to add to the sub-total) and is it a Vat qualifying sale?
My thoughts are yes and yes, but swmbo is thinking it's No, and therefore n/a
Many thanks
Like many a small business we are adding 30p to totals under a tenner.
Is this technically a sale (i.e. do we put a button on the till for it to add to the sub-total) and is it a Vat qualifying sale?
My thoughts are yes and yes, but swmbo is thinking it's No, and therefore n/a
Many thanks
http://customs.hmrc.gov.uk/channelsPortalWebApp/ch...
Section 4.7
"If you are a retailer:
you must account for VAT at the time of supply (see Notice 700 The VAT Guide) on the full price charged to the customer for the goods/services supplied, and
if you charge for accepting payment by one of the above cards, the charge is further consideration for the supply of goods/services. VAT is chargeable at the same rate as the goods or services supplied."
So yes and yes.
Section 4.7
"If you are a retailer:
you must account for VAT at the time of supply (see Notice 700 The VAT Guide) on the full price charged to the customer for the goods/services supplied, and
if you charge for accepting payment by one of the above cards, the charge is further consideration for the supply of goods/services. VAT is chargeable at the same rate as the goods or services supplied."
So yes and yes.
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