The VAT margin scheme increases profits for qualifying businesses.
When the UK left the EU in 2021, margin scheme suppliers (i.e. for second-hand items, collectibles, antiques, artworks, etc) felt they were prevented from continuing to use it for items sourced or delivered in the EU.
They are right, but Kevin Hall assisted many of these businesses to continue working successfully with the margin scheme post-Brexit. This not only enabled these businesses to survive – protecting profit margins, trade sectors and jobs – it enabled them to thrive!
“Going through the changes of Brexit was truly concerning for our business at Trendy Tickers Ltd due to the volumes of stock we exported to the EU in 2020; speaking with experienced traders within our Watch Collectors community none of us knew a solution to the challenge of leaving the EU VAT system. All we knew was that it would be more paperwork and cost more in erosion of our margins to get these items to our clients. Where we operate in a high-turnover low-margin industry it was the difference to us succeeding or not.
Using Kevin Hall’s services from Wright Hassall really did support us understanding clearly our supply chain what we could and couldn’t do, what would it look like in regards to compliance as well as that most important metric of understanding our profitability. Truly at Trendy Tickers we trust and thank Kevin and the team at Wright Hassall as we have gone from strength to strength by adapting our business on the back of their advice.
Taking our previous £1.4m turnover in Year 1 to £4.4m in our Year 2 exponentially grown by our exports B2B in Europe and now other international destinations as well as doubling our margins to 5.50% pre-tax; honestly advice that was and is invaluable to us”.
Andy Grey, Company Director – CEO, Trendy Tickers Ltd
