Is there an option to input sales under the VAT MARGIN SCHEME yet ? ie 16% ? Cannot work how to do this on many of my sale. Any help would be great as this is my first time submitting my VAT form
You can certainly record margin sales in QuickFile - you’d need to create an invoice, tick the “enter line totals inclusive of VAT” box, then make two lines
- one for the purchase price according to your stock book, at 0% VAT
- another where you set the VAT rate to 20% and then enter the margin in the right-most column (including VAT)
QuickFile will calculate back from gross to net on the margin line, which has the effect of setting the VAT element to one sixth of the total margin.
What you must not do is give the customer a copy of the QuickFile invoice document, because the invoices you give to customers under the margin scheme must not itemise any VAT. Not that you would want to give them this document anyway as it would reveal your profit margin to your customers. You will have to continue generating your customer receipts as you have in the past, presumably in whatever software you use to track the stock book.
Hi Ian - GOT IT ! Brilliant - thank you for this remedy! Perfect solution.
Also, if you make a mixture of margin scheme and regular VAT sales (of goods that you bought from a vat registered seller and reclaimed the purchase VAT) then you probably want to group all the margin invoices under a dummy client, or at least record “Joe Bloggs (margin)”’as a separate client from “Joe Bloggs” for non-margin sales to the same person. That way if you need to give them access to their QuickFile client area to see VAT invoices for the regular sales that doesn’t also expose the margin sales.
This topic was automatically closed after 7 days. New replies are no longer allowed.