Raymond

Hey all I did a quick but did not see any. I am in dependent used car dealer for just over a year now. I am using VAT margin scheme. Anyone can recommend an accounting software for windows to deal with Margin Scheme, record keeping as required by HMRC. I am not looking for full fledged accounting software buy basic to deal with Margin scheme stock and invoicing. Thanks

I mean as long the car bought is not sold I am losing on claiming the VAT in the quarter it happened. So it is wrongly included in the purchase price by the accountant. The total VAT of £23 should be claimed as normal as soon as possible on next VAT return. and pay whatever VAT is due on margin when the car is sold..

Thank guys I will be talking to my accountant. Looks to accounting error but I would like to if the vat on expenses are claimed or still stuck with stock not sold yet.

Thanks @Mark101 oh I can upleade images now. Could you please check this invoice specially the last column as in the example above.. Can I claim the £13 VAT on Charges (25 Surecheck40 +delivery)?If yes then it is kind of counteract the £13 underpayment?? Am I right? So it just a an accounting error?

Sorry to dig this thread again. About Surecheck &delivery I also buy from Mahneim My accountant has been calculating my margin by Total invoice payable-sales price. i.e the payable to Manhein includes (surecheck+delivery+vat) which obviously bring down the margin about (25+40+vat13= £78) so I have been underpaying VAT? Do I need to move the surecheck+delivery to expenses and claim VAT as normal, and readjust the margins? Worried now... can't upload the image check the link please. This the last invoice from manhie. In the last column you see the balance is £1667.60 that I sold for £2000. it show in margin scheme register as purchase price 1667.6- 2000 sale=332.4/6=55.40 where it should have 1589.6-2000=410.4/6=68.40 then claim the expense as 25+40+13=78. So the overall vat payable is still the same but entries are in wrong place? http://i.is.cc/storage/2IJa5jSn.jpg