The till, every day
A shop lives on many small takings. Reconciling the till’s end-of-day Z report, card payments and cash deposits every day is not a formality: it is what lets you spot a gap the same day, while you can still explain it.
Several rates on one receipt
A grocery sells food at 5.5%, alcoholic drinks at 20%, sometimes takeaway food at 10%. The split cannot be done after the fact: it has to come from the till software.
Product
Basic food products
- Usual rate
- 5.5%
Product
Takeaway food
- Usual rate
- 10%
Product
Alcoholic drinks
- Usual rate
- 20%
Product
Non-food products
- Usual rate
- 20%
| Product | Usual rate |
|---|---|
| Basic food products | 5.5% |
| Takeaway food | 10% |
| Alcoholic drinks | 20% |
| Non-food products | 20% |
Certified till software
Since 2018, any VAT-registered business taking payments from consumers must use certified till software that guarantees the data cannot be altered. Having no certificate carries a flat-rate penalty, per piece of software.
Stock makes your profit
A shop’s profit is calculated on its real margin: sales minus the purchase cost of the goods sold. That cost depends directly on the closing stock count. A rough stock count produces a rough profit, and a tax bill that is just as rough.
- Count physically, at least once a year.
- Value at purchase cost, not at selling price.
- Write down what cannot be sold rather than keeping it at full value.