Global Accounting Margins VAT Scheme does it work with Quick File?

Hi,
we are a company that uses two VAT schemes within our company.
The first is the normal VAT scheme we use for buyng items from our VAT registered suppliers and selling to our customers via the standard 20% VAT scheme.

At the same time we run a recycling scheme for mobile phones and we buy a lot of handsets via the Global Accounting Margins scheme from individuals or small companies that are not VAT registered.
So we would buy them with no VAT when purchasing and sell them via the Global Accounting VAT scheme and thus we do not charge any VAT on the sale but we pay HMRC 20% VAT on the PROFIT we make via the scheme each quarter.

My question is can we manage this scheme and the normal VAT scheme via Quick File?
As the Global Accounting Margins scheme has it’s own purchase and sale invoice formats as part of the scheme rules.

I look forward to your reply

kind regards Yasin

At the moment Quick File does not fully support the VAT Margin Scheme or The Global Accounting Scheme, which is an optional, simplified variation of the VAT Margin Scheme.

We are reviewing whether a workaround can be provided and will update the forum in due course.

Hi,
if you can find a workaround that will be great as I and most of other companies in our sector will be very happy and will make using quickbooks a must

kind regards Yasin

We have reviewed the subject and unfortunately at this point in time we will be unable to support the The Global Accounting VAT margin scheme, we will update this posting should anything change in the future.

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