paul k

I cannot see an answer in the link provided, please advise

So, I buy a second hand good from a non-VAT registered seller for £100 and sell it on for £160. I pay Margin Scheme VAT of 1/6 on the profit, so VAT of £10. Is my Revenue figure £150 or £160? Thanks!

Hi, I've bought a garage leasehold and I will be using the garage to store the items that my business sells. How can I claim the cost of the lease - as a one off expense or a depreciating capital item etc? Thanks

Hi, I've been unable to find any accounting package (Xero, Quicken) or Bridging software (Anna) that support the Margin Scheme for Second Hand Goods. Is anyone aware of any, and if not how can I file my VAT returns electronically? Thanks

Is the rest of my calculation correct?

Please confirm my understanding of Flat Rate VAT and personal tax liability for self employed and VAT registered, as per example below: My Sales are £10,000. I add the 20% VAT to give £12,000. I pay the Flat Rate (assume 10%) against £12,000 to give a Trading Income of £10,800. My Expenses are £120 (including VAT @ 20%). My Profit for taxing is £10,800 Trading Income minus £100 (Expenses net of VAT) equals £10,700, correct?

I buy a second hand sofa for £100 and sell it for £200 online, I also add £50 for delivery by a courier service to the invoice. I assume I use the Margin scheme for the sofa i.e. I'm taxed at 16.6% on the £100 profit, and I pay full VAT at 20% on the £50 courier charge, which I can then reclaim. Presumably I need to make this clear on the invoice also, so the buyer cannot reclaim the Margin VAT, but could reclaim the delivery VAT. Please confirm/correct. Thanks.

An example - I buy a second hand item for £100 and sell it online where the buyer pays £150 for it. I receive £130 as the online portal & payment processor take their fees of £20, so my actual profit is £30. Do I pay the marginal VAT on the profit of £30 or £50? Is there any documentation that provides clarity on such points? Thanks.

Hi, I bought some goods from the US which were sent over via FedEx. I have now received a Duty & Tax Invoice from FedEx which shows an Import Tax/Original VAT of £136.39, but later implies there is no VAT where it says "Disbursement out of the scope of EU VAT - £149.75". Can anyone advise what the VAT position is with Imports from the US? Thanks.