I have a question I have been googling for weeks now.
VAT MArgin Scheme - As we now have started purchasing goods in order to refurbish and sell back to consumer these items fall under VAT MArgin Scheme (Second Hand consumer goods), i.e bought unit for £100 sold for £200 exc VAT, VAT is now only applicable on Difference between Purchase and Sale Price.
The issue is how to incorporate these Sales within our Sage Accounts PAckage. Currently devised excel spreadhseet to manage the stock. Stock is also included within Sage as well. How are these transaction incorporated into Sage so VAT is included correctly.
Also querying concerns baout buying goods form companies exempt from VAT due to item sbeing shipped in from JErsey, Guernsey etc. We purchased over 100 units at £4 and each was sold for £12. These figures were includes on SOP and POP within Sage and VAT accountable on £12 for each unit. VAT not reclaimed bevacuse tax code was T0.
In instances such as this as goods aren't Second Hand they just are exempt Form VAT becuase of location goods are shipped from, can these trascations be included in MArgin Scheme due to no VAT being included in original purchase.
Anyone give me some pointers, much appreciated