I wonder whether anyone has a client they do bookkeeping for who has to work with margin VAT? These clients, for those who don’t know about margin VAT which I didn’t until this year, will usually be in the buying and reselling trade - jewellery, cars, antiquities etc buying at one price (no VAT) and selling at another with VAT on the difference between bought and sold price.
I am using Kashflow for this client’s accounts, and whilst it can handle the general reports for P&L, balance sheet etc, it can’t handle the margin VAT which means we can’t file VAT returns online through the software.
We are now looking for software, preferably online, which can handle this. I think that cost (to a degree) won’t be an issue - they would rather get the right software than scrimp on costs.
Any thoughts/ideas most welcome.