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Big Red Book Accounts v5

Retailer VAT Scheme

Retailer VAT Overview

This chapter explains how to produce the reports you will need to help you fill in your VAT3 and Annual

Return of Trading Details forms assuming you use one of the special calculation schemes for Retailers (not

including Pharmacists). If you use a different method (VAT on a Cash Receipts basis, the special scheme

for Pharmacies, or the Standard scheme based on invoiced purchases and invoiced sales) you should refer

to a different chapter.

The normal formula for calculating VAT payable for a period is:

Total VAT collected on sales for the period

minus

Total VAT paid on purchases for the period

The calculation of VAT paid on purchases is rarely a problem. If details of purchase invoices are correctly

recorded in the Purchases Book, the VAT figure is readily available from those records. However, in the

case of Retailers it is generally impractical to identify and record the VAT element of each individual sale.

The special VAT schemes approved by the Revenue Commissioners for use by Retailers address this

problem by means of formulae using Purchases for Resale and a Mark-up % as the basis for apportioning

total sales between the relevant sales VAT rates. The Mark-up rates used are agreed between the Retailer,

his/her Accountant, and the Revenue Commissioners.

As some of the calculations involved in applying these schemes can be complex and time-consuming, the

Big Red Book

contains a module which assists you in producing the figures for your VAT returns.

Important Notice

The owners, partners or directors of a business are solely responsible for the making of correct VAT returns

to the Revenue Commissioners.

Big Red Book

accepts no responsibility for errors arising from the use of

this program for the calculation of VAT liabilities.

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