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How to use VAT margin schemes - records you need to keep, invoicing and VAT return reporting
VAT margin schemes tax the difference between what you paid for an item…
You can only use a margin scheme for: second-hand goods works of art…
You must keep the usual VAT records when you use a margin scheme. You must…
You must show any goods you bought or sold using a margin scheme on your…
Find out how to use a margin scheme to account for VAT if you buy or sell second-hand vehicles (VAT Notice 718/1).
If you sell horses or ponies in the UK, find out how to use a margin scheme to account for VAT (VAT Notice 718).
If you provide services to a seller or buyer in the UK, find out about the auctioneers' VAT margin scheme and how to account for VAT (VAT notice 718/2).
If you sell second-hand houseboats or caravans in the UK, find out how to use a margin scheme to account for VAT (VAT Notice 718).
If you make supplies of second hand goods, works of art or antiques and collectors items you can choose to use this simplified margin scheme to account for VAT.
Tertiary legislation about VAT margin schemes.
If you're a pawnbroker who sells unredeemed pawns in the UK, find out how to use a margin scheme to account for VAT (VAT Notice 718).
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