Gift voucher
Sell gift vouchers in your business: for an amount or a service, with a unique code and an expiry date. Keep a list of the codes so you know a voucher is genuine when it is redeemed.
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Gift vouchers without trouble at redemption
A gift voucher is money you have already received for something you deliver later. Keep a list with the code, amount, sale date and whether it has been redeemed.
- Put an expiry date on the voucher and stick to it, also in your books.
- A unique code makes copies hard: look it up at redemption and cross it off.
- State whether the voucher can be spent in parts and whether change is given. That avoids arguments at the till.
- If you are VAT registered, ask your bookkeeper when the VAT is due: when the voucher is sold or when it is redeemed. That depends on whether it is already clear what the customer gets for it.
A helpful tool, not tax or legal advice. Check important amounts.