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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Caveat
You may be going mad, but if you are it's not about this. All sales are included in the FRS calculation.
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 :)