Samples, Part-Exchanges, Barters, Contras and VAT
If you are registered for VAT, you must charge VAT on all taxable supplies of goods or services that you make. 'Supplies' can be day-to-day sales as well as other transactions such as free samples, part-exchanges, barter transactions and contras - also known as 'set-offs'.
You might also acquire goods or services for your business through these sorts of transactions. This guide explains how to deal with samples, part-exchanges, barter transactions and set-offs so that you can enter the correct amounts of input and output tax on your VAT Returns.