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
- Stamp duty on multiple property transaction 215 14
- Residency test 185 4
- Alerting clients versus walking away from clients 138 3
- Wear and tear allowance 421 9
- VAT Turnover 47 1
- Can a sole-trader make pension contributions to avoid loss of personal allowance? 71 1
- HMRC - No Deadline to Respond? 101 1
- IR35 - it it worth worrying about any more? 298 5
- Recording fuel VAT adjustment in Sage 111 4
- Company purchase of shares 266 16
- Pension contributions and unused allowances 104 2
- VAT QUESTION 140 2
- Holding on to fees paid monthly for work not yet done? 1,101 14
- Surprise visit from HMRC! 2,225 15
- Why should I retain membership? 2,251 35
- BTL property solely in wife's name - can she split rental income with husband? 486 14
- Recourse to Accountant for incorrect accounts 671 10
- CIS deductions against the wrong UTR 163 5
- Is CGT roll over relief available for let property 100 1
- HMRC Underpayment notices. Are they related to Employers Allowance 164 1
- Feedback on accounts production software for IFRS 683
- Auto enrolment excuses 624
- Add T&Cs to Sales Order in Sage 362
- Social investment tax relief 174
- Call Centre Data Costs 174
- Digita Hosted Software 170
- option to tax 155
- VAT on deposits 139
- Buying goods in US and selling them to company in US 134
- Cars Leased primarily for Taxi Hire 130