Mark an item as margin scheme
Flag a watch as sold under the VAT margin scheme when you record its acquisition, so tax is calculated on your resale margin instead of the full price.
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If you buy and resell second-hand watches under the VAT margin scheme, you can mark a watch as a margin item when you record its acquisition. Tax is then calculated on your resale margin rather than the full sale price.
Mark a watch as margin scheme
Open the watch's acquisition
In Inventory, open the watch and find the Acquisition card. On the Purchase price row, click to edit.
Turn on the margin scheme
Tick Margin scheme (second-hand goods). As the app notes, tax is then calculated on your resale margin.
Set the country
Choose the country the scheme applies to: a two-letter code such as NL or DE. It's required so the right scheme is applied.
(Optional) Add tax details
Open the advanced options if you need to set a sub-jurisdiction, a tax rate, or a specific tax scheme (VAT, reverse charge, zero-rated, exempt, export, or inclusive). Then save.
Once saved, the purchase-price summary shows a (margin) note on the watch.
A note on the supplier
When you record who you bought from, the supplier's role list includes Margin-scheme dealer, and you can store their VAT number. Keeping that on the contact means it carries over to future purchases from the same supplier.