Andrew Needham looks at the tax points businesses must use when operating a retail scheme.
Daily gross takings (DGT) are the record of the income a retailer receives and should include all payments for retail supplies as they are received from cash customers and the full value (including VAT) of all credit or other non-cash retail sales at the time they are made. The details of any adjustments made to the DGT should also be recorded.
What to include in DGT
A retailer must include all the following in its DGT as they are received from the customers:
- cash;
- cheques;
- debit or credit card vouchers;
- Visa, Delta or similar electronic transactions; and
-
electronic cash.
This means that cheques and electronic payments are included in the takings as they are
