VAT and Cash back
Posted: 05 Apr 2006, 13:54
I have received a £100 cheque as the result of a cash back promotion on some vatable good we have purchased.
How do I enter it in Sage?
How do I enter it in Sage?
Reading the VAT notice HMRC Reference:Notice 700/7 (March 2002) Business Promotion Schemes Section 7.5 ...
7.5 Cashback schemes
These are normally manufacturers’ schemes aimed at the public but where the goods are supplied through wholesalers and/or retailers. The cashback is simply money sent by the manufacturer to the final consumer if the consumer sends a proof of purchase (or similar) to the manufacturer. In these circumstances, the manufacturer can reduce his “taxable amountâ€