info@ibroke.ie

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  1. 6 votes
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    4 comments  ·  General  ·  Flag idea as inappropriate…  ·  Admin →

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    info@ibroke.ie commented  · 

    any update on this?

    info@ibroke.ie supported this idea  · 
  2. 32 votes
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    under review  ·  16 comments  ·  General  ·  Flag idea as inappropriate…  ·  Admin →

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    info@ibroke.ie commented  · 

    If I bought a phone off a wholesaler/company for €300
    and then I stupidly sold it for €350
    Then I would be liable to pay 23% vat in Ireland which would be €80.5

    So that's why it's important to
    differentiate Between normal vat and marginal vat.

    Hope this helps

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    info@ibroke.ie commented  · 

    The concept is simple
    You purchase a second hand phone off a customer who lets say walks into your shop from the street.
    You input the cost price let's say for example its €300
    You then sell the phone that day to another customer who walked into your shop.
    You sell the phone for €350
    The profit is €50
    You then pay your vat on the profit.
    So if it's in let's say Ireland you pay 23% vat on the profit which is €11.50

    So you need your system to be able to identify the cost, the selling price which will intern give you your profit

    your system can determine the vat margin on the profit to whatever vat certain countries charge.

    info@ibroke.ie supported this idea  · 
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    info@ibroke.ie commented  · 

    Hey just agreeing that there needs to be a vat margin option on the software or else the software is invalid in the UK & Ireland

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