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Vat margin scheme & self assessment
Lovejoy_21
Posts: 1 Newbie
in Cutting tax
Hello
I am a sole trader dealing in antiques. I am vat registered using the margin scheme.
Therefore I don't charge my customers vat, but I pay HMRC 20% of the profit I make on each item I sell.
My question is: Can I put the vat I pay over the year down as a business expense on my self assessment return?
I am a sole trader dealing in antiques. I am vat registered using the margin scheme.
Therefore I don't charge my customers vat, but I pay HMRC 20% of the profit I make on each item I sell.
My question is: Can I put the vat I pay over the year down as a business expense on my self assessment return?
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