Marginal VAT Calculator
We’re all familiar with Value Added Tax, or VAT, but did you know that there are some exceptions to the standard 20% rate of VAT. Among the exceptions is the VAT Margin Scheme, a method of calculating VAT for businesses which sells used goods such as used mobile phones.
The VAT Margin Scheme differs from standard rate VAT in two ways: the rate is only 16.67% and it is only charged on the margin you make selling the product.
Phoenix Cellular have created a VAT calculator to help our customers understand the VAT options available on used mobile phones.
Please consult your accountant or HMRC for detailed guidance.