Vat margin scheme

Support
1

I’m am just helping out a friend of mine in the gun trade and he tells me that his selling of second hand guns falls under the “Vat Margin Scheme” where you only pay Vat on the profit when it’s sold, it also gets a little more complicated when another second hand gun is traded in for a new or second hand one.

My question is simply, Is Quickfile currently set up for this scheme at all as I will be recommending Quickfile to him.

2

Hi @ChippysWorkshop

There’s no direct option to record this, but you can create an invoice to reflect this and to calculate it correctly.

Please take a look at this post which may help

3

Thanks for letting me know, I saw the post from 2013 and thought there maybe some more recent changes.

Many thanks