Purchases/Global Margin Scheme Questions?

MelissaDowe58

Free Member
Mar 5, 2023
20
0
Good afternoon.

I just wanted to ask, I have a VAT registered business that used the Global Margin Scheme for.

I started buying second hand items to sell in my store that are not through a customer. For example I saw items on eBay. (for example a painting).

My question is how do I put these through my Till/EPOS to record the used purchase price so that when I sell the 16.67% vat I charged on the difference?

I feel if I do this as if I was the customer then it will cause 'Fraud' even though I am the owner.

is there something i am not thinking about?

thanks
Mel.
 

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