We have an accountant that has been looking after our accounts but he has been working out the VAT wrong, this is one problem.
The main problem is we buy on ebay too, which we then sell on ebay.
We are using the margin scheme so only pay VAT on the profit made on the item.
It has come to light that in order not to be taxed on the FULL amount and for you to use the margin scheme you need the following:
On Purchse Invoices from a seller we need the following
Sellers name and address
Your name and and address
a means of cross referencing the sale system and stock book number
invoice number
date of transaction
details fo the item
price you paid
The sellers name and address from a paypal transaction is just their
ebay seller name and their email, we are in serious melt down mode here and really worried as our turnover is very high and we were always under the impression that the sales invoice would be fine with the details that were on there.
We know HMRC are going to bring this up and are hoping someone with experience can shed light on this as it is making us ill.....please give us some advice as we have an audit coming up and this could be the difference between us being ok or losing out house as if this name and address information is not enough ie the username and their email then we are in serious trouble.
How does anyone else get this information as it is not supplied as part of the invoice when you buy.
Many thanks and I hope someone can help
J
Source: http://www.ukbusinessforums.co.uk/forums/showthread.php?t=296770
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