TTF 0 Posted March 13, 2019 Evening, I am not sure where to start with all of this so thought I would ask for some advice! Are there any recommendations of software for a sole trader using the Margin Scheme? I see Quick Books has been mentioned but that the Margin aspect is not great. Thanks in advance. Share this post Link to post Share on other sites
justlooking 48 Posted March 14, 2019 Was going to ask a similar question. my accountant was going to ask quickbooks to see if they have a solution for us motor traders using Margin scheme, his thought was a spreadsheet solution for me would be best, simpler the better Share this post Link to post Share on other sites
Mark101 536 Posted March 14, 2019 There are plenty about but very expensive for the number of cars I turn a year. My accountant has put me on Xero and they make a manual VAT adjustment for the margin scheme. I only sell around 100 units per year (pro rata as only 1 year old). If I were to double that, I could justify a proper DMS/VAT/Electronic system. Share this post Link to post Share on other sites
AAM90 22 Posted March 14, 2019 Have a look here https://easydealerbookkeeping.com/16-uk-used-vehicle-dealer Ready built spreadsheet with stock book etc. I have used for 4 years. Its a great spreasheet at low cost. The spreadsheet builder now recommends bridging software www.vitaltax.uk to link the spreadsheet to HMRC I haven't set up my bridge yet. It's on the to do list Has anyone else registered for MTD with HMRC yet? Share this post Link to post Share on other sites
Willoughby 15 Posted March 14, 2019 I use excel, and have been looking around at the API's on offer just this week, (there must be about 20 to choose from)..for me Vitaltax looks to be about the simplest as you download the software once to your PC and don't need to send your data via the cloud to a 3rd party as with many of the others, its also cheap... like you wondered if anyone else has done it yet? 2 Share this post Link to post Share on other sites
TTF 0 Posted March 14, 2019 Willoughby - fantastic feedback, the kind of thing I was hoping for! I have used Excel as a sole trader for the past 14 years and it enables me to cross reference against bank statements, receipts, invoices etc. It really pi**es me off they change the system, give out minimal guidance or advice but most importantly don't offer a universal system to use. Thankfully my next VAT submission is 1 June so I have breathing space but would be great to hear if anyone else has any thoughts for a current Excel based user! Share this post Link to post Share on other sites
MrC 142 Posted March 16, 2019 I use quickbooks, I found a lot of it gobble de gook and made a good few mistakes. I just keep it simple. Photograph and upload receipts then match to banking. I create quotes and invoices, my account tried to get me to do Classes which allowed me to bunch all expenses to a particular camper. But as i tend to buy in bulk this became hard to start breaking down. I use excel to work out my profit per job, how much I need too put aside for VAT, Tax , NI and how much I'm allowed to keep. Share this post Link to post Share on other sites
