VAT Margin Scheme and Exempt Suppliers
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
- Accounting for cash put into Ltd 46 1
- LTD home office - would HMRC seek to disallow 1,260 8
- RTI and corrections to payroll 1,236 13
- Accountancy practices - are you closed over Christmas or do you let your staff take it off? 976 29
- You know its over 376 4
- HMRC BACK AND FORTH FIGHT ON BTL PROPERTY ALLOWANCES 508 9
- How do you find shareholders of a Cyprus Company ? 247 13
- Valuing my fast-growing internet business for transfer of goodwill on incorporation 197 2
- HMRC won't let me set up online DD for PAYE 181 2
- What is the amount of dividends received as a shareholder that requires registration for self assessment? 290 3
- Cocaine anyone? 532 8
- Late Registration for VAT 500 13
- EIS/SEIS 158 1
- Amortisation of Goodwill 285 1
- TaxCalc Accounts production 435 5
- Depression - HMRC penalties case won because of this illness. 434 12
- Solicitors now, Accountants next 735 10
- How come if you claim benefits you are not entitled to you either have to pay a 50% penalty or are sent to court and either fined or sent to prison (sometimes suspended) and end up with a criminal record. 569 10
- ACCA - still making me laugh 602 4
- Personal pension 408 9
- Hive up 497
- Accounting referance change & deficient accounts. 465
- corporate hierarchy 447
- Advice - 278
- Anyone had HMRC refusing to act on EPS database glitch? 230
- WWOOFers 224
- Co. limited by Guarantee now closed 212
- Art Gallery - Splitting a property between business and personal use 208
- Tax liabilities in USA for warehoused products 187
- Mutual Trading - Exempt CT Income - Do I need clearance? 181