Question
What is the VAT Special Scheme calculation if the vehicle's Original Group Cost differs from the Purchase Value?
Answer
The VAT Special Scheme calculation will first base the profit made on the Original Group Cost.
Sale Value Of Vehicle - Original Group Cost = Profit (Tax Inclusive)
To get the actual tax value you need to first find out how much of the total sale price is profit in the form of a fraction. (e.g. selling a car for £12000 with £2000 profit is 1/6 profit) you then divide the total profit by the fraction (e.g. 2000 divided by 6).
The VAT aspect of the profit figure is what is recorded on the stock card financial summary and is marked as the VAT Special Scheme figure.