Logging VAT on new line based on profit

[AnetteLake]

I have raised a sales invoice showing and on the line below listed the profit which I can claim VAT on. This is set to 20%, but the old way of calculating this I used the profit amount *20/120. For example: Profit 350 * 20/120=58.33. On the line on invoice the VAT shows at £70. How can I get this amended.

Thanks

Anette

[Lurch]

Would this be for the second hand car margin thing?

VAT Second Hand Margin Scheme

Quick File can used to record sales under the VAT margin scheme, simply enter the sales product over 2 line items on the sales invoice, see the example below: [image]

That seems to still be the way to do it.

350 * 20/120 gives you the VAT content of the gross profit. On the invoice you need to enter the nett profit. So from your figures £350 is your gross and £58.33 is your VAT. You need to either check the ‘enter line totals inclusive of VAT’ and enter the gross in the line total box or enter the nett value in the box as you usually would.

[ian_roberts]

But note that you will not be able to give the QuickFile “invoice” to the customer, you will need to draw up a separate document for them as margin scheme sales invoices must not show the amount of VAT separately.

[AnetteLake]

Thanks for your replies. I really appreciate it!