How to account for VAT using the VAT margin scheme
Find out about the VAT margin scheme and how to account for VAT if you buy or sell second-hand goods, you're an auctioneer, pawnbroker or an agent (previously VAT Notice 718, 718/1 and 718/2).
There are special rules if you buy and sell goods between Northern Ireland and the EU and between Great Britain (England, Scotland and Wales) and Northern Ireland.
General rules
Second-hand goods that are purchased within Northern Ireland can be sold under the margin scheme using the normal rules. The rules are set out in the VAT margin scheme guidance.
Overview and how the margin works
Find out about the VAT margin scheme and the basic rules for the scheme including which goods are eligible, how to work out the margin and VAT due, and how to record VAT margin scheme transactions.
This guidance applies for all margin scheme transactions but you should also check the guidance for the specific items or goods you sell.
Buying and selling second hand motor vehicles using the VAT margin scheme
How to use the margin scheme to account for VAT if you buy or sell second-hand motor vehicles.
Buying and selling horses and ponies using the VAT margin scheme
How to use the margin scheme when buying and selling horses and ponies.
Buying and selling horses and ponies using the BETA form and the VAT margin scheme
How to use the British Equestrian Trade Association (BETA) form when buying and selling horses and ponies using the VAT margin scheme.
Buying and selling houseboats and caravans using the VAT margin scheme
How to use the margin scheme to account for VAT when buying and selling houseboats and caravans.
Selling unredeemed pawns using the VAT margin scheme
How to use the margin scheme to account for VAT when selling unredeemed pawns.
Using the global accounting VAT margin scheme
How to account for VAT using the global accounting scheme.
Using the auctioneers VAT margin scheme
How to account for VAT using the auctioneers’ VAT margin scheme.
Buying and selling goods at auction using the VAT margin scheme
How to account for VAT using the VAT margin scheme when buying or selling second-hand goods at auction.
Using the VAT margin scheme if you are an agent
How to account for VAT using the VAT margin scheme if you are an agent, or a seller using an agent
Buying and selling goods in Northern Ireland using the VAT margin scheme
How to use a margin scheme to account for VAT if you buy or sell goods in Northern Ireland.
Importing works of art, antiques and collectors’ items using the VAT margin scheme or global accounting
How to use VAT margin scheme or global accounting scheme for works of art, antiques and collectors’ items imported into the UK.
Exporting goods using the VAT margin scheme
Find out how to account for VAT on margin scheme goods that are exported outside the UK.
Using the VAT margin scheme for linked insurance products and warranties
How to account for VAT on linked insurance products and warranties.
Using the VAT margin scheme for hire-purchase and part-exchange goods
How to account for VAT using the VAT margin scheme for hire-purchase sales and part-exchange goods.
Using the VAT margin scheme for repossessed goods and goods subject to insurance claims
How to account for VAT using the VAT margin scheme for repossessed goods and goods subject to insurance claims.
Using the VAT margin scheme for transfers of going concerns and assignments of rights
How to use the margin scheme to account for VAT on transfers of going concerns and assignments of rights.
Buying and selling joint purchases and shares using the VAT margin scheme
How to use the margin scheme to account for VAT on joint purchases and shares.
Accounting for VAT on bad debts when using the VAT margin scheme
How to account for VAT on bad debts when using the VAT margin scheme.