Bespoke schemes: practical guidance: What if agreement has not been reached when the return is due?
A business which has a tax-exclusive retail turnover in excess of £130 million, and which has not agreed a bespoke scheme, cannot merely use a standard retail scheme to value its retail supplies. From that point forward, there are strictly only two options available: retailers must either
- account normally; or
- agree a bespoke scheme.
However, you can agree to accept a declaration which uses unagreed scheme elements on condition that these will be reviewed and corrected retrospectively once final agreement has been reached. Such an arrangement should be in writing and should not be permitted to continue indefinitely.