As the making tax digital deadline is approaching the need to have Margin Scheme VAT functionality is becoming critical for those of us who trade 2nd hand goods.
At present I move Margin Scheme invoices to 0% VAT and then manually calculate the VAT actually due to ensure the underlying VAT accounting is correct.
This means for the VAT return function a lot of my inputs and outputs are wrongly showing as 0% VAT. If I put the VAT to 1% and continued manually calculating the correct amount would that correct the VAT return?
This also means I cannot currently use the Kashflow "invoice to customer" function or it would reveal my (tiny!) profit by virtue of the VAT being shown - which you could reverse engineer.
PLEASE can you urgently prioritise the creation of Margin Scheme VAT calculations by 1st April latest.
Hi Dan, Margin Scheme VAT is not something we have planned for the upcoming months. However, it is something we may consider in the future.
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