E1: 74U: Implement UK Margin Scheme VAT Functionality
(Doc ID 2676272.1)
Last updated on JUNE 01, 2020
Applies to:JD Edwards EnterpriseOne General Ledger - Version 9.2 and later
Information in this document applies to any platform.
The requirement is to implement VAT Margin Scheme for UK. VAT Margin Schemes tax the difference between what you paid for an item and
what you sold it for, rather than the full selling price. You pay VAT at
16.67% (one-sixth) on the difference.
You can choose to use a margin scheme when you sell:
-works of art
And there are other specific details of this requirement.
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