bizniss
18th January 2010, 16:00
Hi, we had our machine fitted today so that we can sell top up vouchers, gas and electricity in our shop.
We make a small comission on each sale, and the company take the money out of our account from what we have sold and then give us ths comission.
I've noticed that in other shops some of them dont put the money in the till, instead they keep it to one side.
Am I right in thinking that this is because if the money goes through the till, the takings at the end of the day will show that all this money from the top ups etc and we will get charged vat & tax on the money we have taken on the top ups etc, when all we need to pay vat & tax on is the comission ???
So my question is: Shall I just keep all the money from the top ups etc seperate and just declare the amount earned on comission?
Thank you!
Chris.
We make a small comission on each sale, and the company take the money out of our account from what we have sold and then give us ths comission.
I've noticed that in other shops some of them dont put the money in the till, instead they keep it to one side.
Am I right in thinking that this is because if the money goes through the till, the takings at the end of the day will show that all this money from the top ups etc and we will get charged vat & tax on the money we have taken on the top ups etc, when all we need to pay vat & tax on is the comission ???
So my question is: Shall I just keep all the money from the top ups etc seperate and just declare the amount earned on comission?
Thank you!
Chris.