Vat Margin scheme | AccountingWEB

Vat Margin scheme

We are in the process of preparing a vat return for a new client who has a mix of second hand and new sales. Previously the vat returns were prepared by them and the vat due on the sale of second hand items has been correctly calculated using the margin scheme. The problem I have is they have then deducted the input tax on the used purchases and reclaimed this as well. This surely cannot be correct - can anyone help?
David Salter-McLean

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Vat margin

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Vat Margin Scheme

Davidsm |