FreePint Bar: Credit Cards and VAT

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Credit Cards and VAT

Author:

Gareth Lodge

Date:

Tuesday, 5th Mar 2002 08:35

Views:

2,412 (excluding Digests and RSS feeds)

Category:

Company, Industry, Country and Product Research

URL:

http://www.freepint.com/go/b16302

I'm hoping somebody might be able to help me with a query that I have. When you buy something at, say, John Lewis or Marks & Spencer (the two I know for sure that do this) by credit card, there is a small statement at the bottom that says something along the lines of "2.5% of this transaction was retained by Co X Ltd as a handling fee". Co X is always related to the retailer.
Our understanding is that this a VAT "dodge" (I'm not saying it's illegal before the writs fly!), and has something to do with not paying VAT on the 2.5%. Could anyone shed any light on this please?

Thanking you in advance,

Gareth

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Author

Date

	Credit Cards and VAT
	I'm hoping somebody might be able to help me with a query that I have. When you buy something at, ...

Gareth Lodge

05/03/02 08:35

16302

	Re: Credit Cards and VAT
	If it helps, at least two of the major supermarkets are also doing this. A new declaration has ...

Stuart Cliffe

05/03/02 08:52

16304

	Re: Credit Cards and VAT
	Thanks Stuart. I have a feeling that this may be due to a court case between FDR, the card processor, and ...

Gareth Lodge

06/03/02 08:22

16351

	Re: Credit Cards and VAT
	Apologies to anyone waiting with bated breath for this slightly delayed reply -however: Due (say the retailers) to excessive charges levied ...

Stuart Cliffe

02/04/02 11:38

16880

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