Second Hand Goods VAT Margin Scheme

[automann]

I have checked previous posts but they are all 1+ year old.

Do QuickFile have the functionality to automatically account for the Second Hand Goods VAT Margin Scheme, yet?

T.I.A.

[QFMathew]

Hello @automann

There’s no automatic way of doing this, but it is certainly possible. You may be interested in this post from my colleague:

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]

[automann]

Hi

I saw this post but didn’t understand it as there is VAT showing on the invoice. Under the Margin Scheme we do not invoice VAT or collect VAT. We only have to pay the VAT content of our margin to the VAT authorities.