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Post Info TOPIC: VAT margin scheme???
KBS


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VAT margin scheme???
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I have been approached by a potential client who has said the work will involve VAT returns done on the marginal scheme. I had never heard of this until I looked it up. Has anyone else got any experience with this? Is it complicated to master? I will of course advise them that I have never experienced this but will continue to quote them for the job and do my research for this.



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leshoward


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If you are dealing with a motor dealer, then you should go to www.lawdata.co.uk/stationary.htm for legally-compliant paperwork.
The margin scheme applies essentially where a dealer buys from the general public, and is therefore unable to reclaim VAT on his stock purchases. His output tax is worked out on the profit margin, not on the full selling price.
The main HMRC leaflet is here: customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal and do note the formats for purchase and sales invoices, and a stock book.

(Of course, if your client is a Tour Operator, an entirely different margin scheme operates!)

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KBS


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Thank you. I have e-mailed her back and told her I have had a look at the system but have no professional experience in this and she seems happy enough to have her existing bookkeeper talk me through it!

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leshoward


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If you would like a brief review of your first VAT Return using the scheme, then please let me know.

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Sharon Eyre


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I have a spreadsheet that I use for Margin scheme that works well for my client

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Sharon
KBS


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leshoward wrote:

If you would like a brief review of your first VAT Return using the scheme, then please let me know.

 That is very kind of you, I will be touch no doubt!



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KBS


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Sharon Eyre wrote:

I have a spreadsheet that I use for Margin scheme that works well for my client

 Would you mind e-mailing me a copy so that I can have a practice please?!



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Sharon Eyre


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yes would you like to send me your email address and I will send you one across


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Sharon
KBS


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Hi thank you very much! Can't believe how helpful people on here are!

My e-mail is kingsburybookkeepingservices@mail.com


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SamBook


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Hi All,

Just looking at your posts as I have just taken on a client that uses the margin scheme and I have never done anything like this before! I wondered if you would be so kind as to forward me on a copy of your spreadsheet so that I could have a look.

Thanks very much

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SamBook


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Email address is samglynn@live.com

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Sharon Eyre


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I have emailed you it

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Regards

Sharon
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