I have a one-off sale of a second-hand item. I need to be able to include 16.67% VAT for a proportion of the sale.
(no VAT on the original purchase of the secondhand item, but I sold it for more than I bought it)
I saw in 2013 thread that there was no work around. Is there one now? Its not a regular feature of our business.
The way to record this kind of think as a QuickFile sales invoice would be to make a two line invoice with the original purchase price at 0% VAT and the margin at 20% VAT, ticking the option to enter line totals inclusive of VAT and entering everything in the right hand gross total column. This should back calculate the net margin as 5/6 of the gross margin with the other sixth as VAT.
But you must not send or give the QuickFile sales invoice to your customer, since margin sale invoices must not itemise any VAT. You’ll have to prepare a separate margin-scheme-compliant invoice for the customer that just shows the final total without the vat calculations.
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