Bespoke schemes: practical guidance: Key features for agreements
There is no template of an ideal bespoke scheme. Agreements will be specific to each business.
- consider the needs of the business; and
- be prepared to agree a scheme which allows the business to declare VAT on its retail sales in a fair and reasonable way.
Other essential features for agreements include:
- the start date and review date of the agreement; the start date of the first such agreement being no later than the date at which the business became ineligible to use a published scheme (subsequent agreements should also be dated so as not to leave gaps);
- details of those supplies which will be accounted for within the bespoke scheme, and those which will not form part of the scheme and will therefore be accounted for normally outside the scheme;
- those items in the checklists in Notice 727/2 Bespoke retail schemes relating to DGT and to the method used to value taxable retail supplies; and
- any special circumstances or transactions not included in the above checklists.