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HMRC internal manual

VAT Retail schemes guidance

Mechanics of the standard retail schemes: Tax point irregularities caused by cashing up early

Many retailers cash up before the close of business, either as a matter of routine or on particular days. Sales made after cashing up has taken place are then carried forward and included in the next day’s takings. We also understand that branches of larger retailers often deliberately cash up early when sales targets for a week have been met or already exceeded. In such cases, there are likely to be tax point irregularities at the period end and this could also cause problems at the time of liability or rate changes.

Officers should establish their retailer’s policy and practice with regard to cashing up and ensure that the DGT reflects all the sales made each day. Consideration should be given to assessing any tax point errors arising from early cashing up.