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VAT Second Margin Scheme v. Global Accounting Scheme

The Second Hand Margin Scheme and Global Accounting Scheme are similar in principal, with the Global scheme being a simplified version of the margin...

Global Accounting for Purchases over £500

Individual items that you have purchased for over £500 each cannot be included in the global accounting scheme (but you can use the VAT margin...

VAT Global Accounting Scheme: Calculating Your Margin

Under the Global Accounting Scheme you pay VAT at 1/6th of the difference between the amount of items you sell in a quarter and...

VAT Global Accounting Scheme: Record Keeping & Invoices

If you have chosen to use the VAT Global Accounting Scheme then you need to make yourself aware of the VAT records and invoice...

VAT Global Accounting Scheme: An Overview

Under the VAT Global Accounting Scheme the amount of VAT you pay is 1/6th of the difference between the amount of items you sell...

VAT Second Hand Margin Scheme: Filling Out Your VAT Return

The VAT Second Hand Margin scheme carries with it specials rules when calculate the right numbers you need to include when filling out your...

Let’s Paws for a Moment & Find out How Puppies Became...

You just need to check my instagram to see just how much I love puppies.  So as you can imagine the case of Little...

VAT Second Hand Margin Scheme: Record Keeping & Bookkeeping

If you choose to use the VAT Margin Scheme then you are required by law to keep certain accounting records and HMRC will check...

Keeping Business Records When You’re VAT Registered

HMRC sets out special rules that you need to follow for keeping business records when you're VAT registered. These...

VAT Second Hand Margin Scheme: Reclaiming VAT on Overheads

The VAT Second Hand Margin Scheme applies to any sales and purchases that meet the criteria of the scheme, however you may have paid...