Hi
i framed some work for an artist and then someone asked if they could buy it. They did and had to pay by credit card. I took no commission as I do all her framing.In effect I acted as a non profit agent
how do I account for this in quick file? I am VAT registered but obviously dont want to pay VAT on monies I shall effectively be paying straight to the artist… Note - Most of my sales are lumped together a Picture Framing - the input into Quickfile via bank upload so individual sales are not logged.
Even though it would a zero commission job, you would record it as you would any other sale.
In terms of VAT, I’m not qualified to say whether or not it would need to be charged, but you may want to try posting the question to a forum such as the UK Business Forum where someone may be able to help you further than what I can.
Zero profit does not mean zero vat, e.g if you are on flat rate scheme , you cannot reclaim vat on inputs but have to pay vat on gross intakes at certain %