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?