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@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."
and the site receives a small commission
MPB - how accurate are their "instant valuations"
- Thread starter BillN_33
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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.
OP
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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
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Not so, the VAT rate is the same
?. The rate according to Gov.UK and as mentioned above is 16.67%.
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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
Tootles
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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!
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!
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
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- 'Gramps'
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Depends who you deal with!
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My experience is a few years ago now but I remember them always being accurate although I never sold anything to them which had more than some very minor wear so not much reason for them to quibble on condition.
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