PracticeConsultingHigher limit for bespoke retail schemes

Higher limit for bespoke retail schemes

Customs has increased the turnover limit for compulsory negotiation of bespoke retail schemes from £10m to £100m a year.

Bespoke retail schemes became a requirement for larger retailers almost two years ago. They are tailored to meet the particular requirements of a business and are usually adapted from one of the standard retail schemes.

The idea for bespoke schemes came from a working party of Customs and business representatives and was aimed at promoting greater certainty in the calculation of output tax by larger retailers.

Bespoke schemes will still be available to the largest retailers. And the option of agreeing one will continue to be open to any retailer ‘if the published retail schemes are impracticable or do not produce a fair and reasonable result’. The new changes are designed to make the published schemes open to more retailers, Customs said.

Customs Business Brief

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer