How to generate the VAT margin report

There VAT on margin This applies to second-hand goods resold by jewellers. Jewely Retail automatically calculates this amount and generates a monthly report ready to use for your tax return.

What is VAT on margin?

Unlike standard VAT, VAT on the margin is calculated solely on the difference between the selling price and the purchase price of a second-hand product (jewelry or watch bought back from an individual). The applicable rate is 20% on the margin realized.

1. Access the VAT on margin module

In Accounting > VAT on margin (Occasion), select the month concerned and the point of sale.

2. Read the summary table

Jewely Retail automatically generates a table listing all used product sales for the month, with the following for each sale:

• THE purchase price of the returned product.
• THE selling price accomplished.
• There margin clear.
• The amount of VAT to be declared.

3. Export the report

Click on Export to download the report in format XLSX Or CSV. This file can be sent directly to your accountant or used to complete your monthly VAT return.

Good to know: Jewely Retail automatically identifies sales subject to margin VAT based on product types and tax settings configured per point of sale.