Q. I have recently become aware that one of my employees has been selling my stock and pocketing the cash. As the money has never gone in the till, do I have to account for VAT on it?
A. The VAT treatment depends on whether or not you’ve actually supplied the goods, what happened to them, who was responsible for them at the time and if you’ve issued a VAT invoice.
Generally, where goods are stolen, no supply is made by the business, and so no output tax is due. However,…
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