Global Accounting Scheme

Discussion in 'Ecommerce Forum' started by Chrisaw, Mar 4, 2019.

  1. Chrisaw

    Chrisaw UKBF Newcomer Free Member

    6 0
    We have just registered for VAT using the global accounting scheme and have just completed our first VAT return. Having never done this previously I am certain that I had completed the form incorrectly and ended up, despite the fact that I called the VAT office on a number of occasions in fact, paying over £500 needlessly. My question is quite a lengthy one insofar as I need advise on completing the return correctly. At the point that we registered for VAT we held over £200000 worth of stock. We are an ebay trader selling a wide range of coins and associated material. We deal in gold coins as well as silver etc. We also send to non VAT registered customers abroad. This can be in the eu or further afield. I used to use excel to keep records of any sales and/or purchases and was able to calculate the total sales both in the UK and further afield on the last return but the question I had is how do i account for the stock i hold and write the VAT due off against this figure on an ongoing basis which, I believe, that we are allowed to do. Any advice would be gratefully received as there is no commercial software that currently caters for the Global accounting scheme.
    Posted: Mar 4, 2019 By: Chrisaw Member since: Mar 4, 2019
  2. Scalloway

    Scalloway UKBF Legend Free Member

    14,788 3,145
    Posted: Mar 4, 2019 By: Scalloway Member since: Jun 6, 2010
  3. Page

    Page UKBF Big Shot Free Member

    3,561 266
    Stop wasting your skills on this and get someone else to do your accounting stuff
    Posted: Mar 15, 2019 By: Page Member since: Jul 28, 2007