Basic principles: Conditions of the margin schemes
Traders dealing in the sale of eligible goods as detailed at VATMARG02100 can use the schemes provided they meet the following conditions:
- the trader is registered for VAT;
- the purchase invoice for the goods does not show VAT separately;
- the trader does not issue a VAT invoice or other invoice which shows VAT separately for the sale of the goods; and
- all the record-keeping, accounting and invoicing requirements are met.