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September 15, 2020
Question

Is a vat margin scheme, for used car sales, due to be set up such as Sage has?

  • September 15, 2020
  • 1 reply
  • 1 view
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1 reply

MarsStephanieL
Level 6
September 15, 2020

Hi there, @jabawok.

 

Currently, the VAT margin scheme is unavailable in QuickBooks Online. You may need to create a journal entry to record the adjustments. I'd suggest speaking with your accountant to make sure that your books are accurate.

 

I've also added this article from the UK Government website about VAT margin schemes: https://www.gov.uk/vat-margin-schemes/keeping-records.

 

I'll be here if you have any other questions or concerns. Just let me know in the comment section below. Take care.