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HMRC internal manual

VAT Margin Schemes

Global accounting: Global accounting records and accounts


As some businesses may operate both global accounting and the Margin Scheme, they may find it helpful to keep similar records for both systems.

Traders do not have to keep their global accounting records in any set way; but, if they request approval, you should consider risk and ease of checking.

Records must be complete and up-to-date; and global accounting goods must be clearly distinguished from other goods. Therefore, mark-ups and apportionment are not allowed.