Tag: margin scheme vat

29May2019

Overview of Making Tax Digital for Tax Returns and VAT

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BNW Accountants, Corporate Tax
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Making Tax Digital (MTD) is an initiative of the UK government that it took in 2015. It characterizes transformation to the way in which taxpayers record their financial transactions and submit their tax returns online. According to HM Revenue and Customs (HMRC), MTD is intended to make management easier, effective, and efficient for all taxpayers […]

07Dec2018

VAT margin schemes

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BNW Accountants
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VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather than the full selling price. You pay VAT at 16.67% (one-sixth) on the difference. You can choose to use a margin scheme when you sell: Second-hand goods Works of art Antiques Collectors’ items You can’t use a margin […]