MPB - how accurate are their "instant valuations"

[GreenNinja67]

not sure how you get to "each sale"

the rate VAT applicable to the Margin Scheme was always a little less than the full rate

@ecoleman stated "In fact looking back at previous purchases from them all of my invoices, regardless of value have 99p VAT. Something fishy going on there."

 

[jimgallaher]

I’ve used MPB quite a few times and have always had an excellent experience, the last transaction was for Canon M50 and a Fuji X-Pro 1, after they received the cameras they increased the offer ! I advertised them here, as I always do, but some people unrealistically want to pay the same as MPB are offering, then you gotta add postage on top. It’s definitely a lot less hassle to use MPB imo.

 

[BillN_33]

@ecoleman stated "In fact looking back at previous purchases from them all of my invoices, regardless of value have 99p VAT. Something fishy going on there."

Oh! I see - as I said I'm rusty - I would think that they will have taken "advice" and of course they will, (should) have the regular dreaded visit from the VAT Inspector

 

[Kell]

The only thing that annoys me about them these days is that dreadful logo.

They sent out a poll before they changed it, but I don’t know who voted to go for it because everyone I showed it to had no idea what it was meant to say.

 

[admirable]

the rate VAT applicable to the Margin Scheme was always a little less than the full rate

Not so, the VAT rate is the same

 

[Brentor]

Not so, the VAT rate is the same

?. The rate according to Gov.UK and as mentioned above is 16.67%.

 

[admirable]

?. The rate according to Gov.UK and as mentioned above is 16.67%.

I stand corrected, it's been a few years since I used the margin scheme so things have changed. I never paid margin VAT @ 1/6th of the profit.

 

[Nod]

The way an accountant explained the 1/6th profit VAT rate is that the profit is considered as the amount including the VAT so the VAT owed is 1/6th of the total profit - real profit + 20% of real profit = 120% so the VAT part of the total is 1/6th of the 120%...

Back in the days of the 17.5% rate, that was chosen because it was supposedly easy to work out - 10%, then half of that then half of that, so £100 + £10 + £5 + £2.50. Simple, innit!

 

[dcash29]

More than you'll get on here, with less hassle

 

[taxboy]

@ecoleman stated "In fact looking back at previous purchases from them all of my invoices, regardless of value have 99p VAT. Something fishy going on there."

It's probably a default in their accounting software that requires a notional VAT amount. With the margin scheme you shouldn't receive a VAT invoice and in fact the seller wouldn't want to issue one as you could work out their profit on that item

 

[gramps]

More than you'll get on here, with less hassle

Depends who you deal with!