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HMRC internal manual

VAT Registration

From
HM Revenue & Customs
Updated
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Basic principles of registration: margin schemes

Tour Operators’ Margin Scheme

The turnover for registration purposes is the difference between the buying price and the selling price. The full value of all in-house supplies must also be taken into account. See Notice 709/5 Tour Operators Margin Scheme (HMRC website) for further details.

Margin schemes for second-hand goods, works of art, antiques and collector’s items

The turnover for registration purposes is the full selling price of the goods.