VAT margin scheme for second-hand goods

Hi

Can Solar Accounts handle VAT via the marginal goods scheme?

e.g. If I buy second hand goods for

Posted by Sean on Jun 15, 2015 5:27 PM BST

Hello Sean,

Yes, Solar Accounts can handle the marginal VAT scheme for second-hand goods. Here's how to record the transactions in your example:

1. Create a new asset account called 'Inventory'

2. When you purchase the second-hand item create a General Transaction from the Cheque Account to the Inventory account for

Posted by Mark McLaren (Solar Accounts) on Jun 16, 2015 9:57 AM BST