Goods Taken for Own Use

We run a lighting shop and have taken delivery of some lamps that my spouse really likes. A friend of mine in the trade said it would be alright to just pay into the business the cost price of the lamps, is it alright to do this?

1st July 2010

Regrettably you friend is wrong.

On any goods or items from stock that you remove for your own use you will have to account to the business for the full selling price and assuming that you are VAT registered, the VAT applicable to the sale.

By Jo Nockels

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