VAT on stock sold at a loss

VAT on stock sold at a loss

Didn't find your answer?

FRS client

Querying whether stock sold at a loss should be in his FRS t/o.

I've of course said yes but he seems to think he's read online somewhere it's a no (think he may be getting mixed up with the margin scheme - You must not offset any VAT on goods which you sold at a loss against VAT on goods which you have sold at a profit).

Can somebody just confirm i'm not going mad?

Replies (6)

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RLI
By lionofludesch
17th Sep 2014 16:36

Yes


I can.  You're not going mad.

Thanks (1)
Stepurhan
By stepurhan
17th Sep 2014 16:42
Thanks (1)
By Howard Marks
17th Sep 2014 16:53

Thank god for that

Heart always skips a beat when you wonder, after all these yrs, if you've missed a trick!!

Thanks (0)
Portia profile image
By Portia Nina Levin
17th Sep 2014 17:02

IMHO

You are already a complete fruitcake.

Thanks (1)
Replying to Tax Dragon:
By Howard Marks
17th Sep 2014 17:17

Re IMHO

Portia Nina Levin wrote:

You are already a complete fruitcake.

Why thank you. I have six locks on my door all in a row. When I go out, I lock every other one. I figure no matter how long somebody stands there picking the locks, they are always locking three.

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avatar
By emanresu
17th Sep 2014 17:12

You wait days

for an "FRS and a special pleading" question - and then three come along together :)

You're quite (al)right.

FRS is a blunt solution to a plea for simplification.  FRS users have to accept that.

If your clent gets metaphysical, explain to him that he didn't make a loss on the sale itself :)

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