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VAT on second-hand goods...
- To: <ukha_d@xxxxxxx>
- Subject: VAT on second-hand goods...
- From: "Mark Harrison" <Mark.Harrison@xxxxxxx>
- Date: Wed, 6 Mar 2002 09:56:11 -0000
- Delivered-to: mailing list ukha_d@xxxxxxx
- Mailing-list: list ukha_d@xxxxxxx; contact
ukha_d-owner@xxxxxxx
- Reply-to: ukha_d@xxxxxxx
If you're registered for VAT, then it works as follows:
<SNIP>
3.6 Second-hand goods
For most second-hand goods, there is a special scheme which allows you
to charge tax on the difference between your buying price and your
selling price, rather than on the full selling price. Use of the scheme
is optional and is conditional on meeting the scheme rules about record
keeping. There is a simplified version of the scheme, known as Global
Accounting and a variation for use by auctioneers, called the
Auctioneers' Scheme. You will find more about these schemes in Notice
<http://www.hmce.gov.uk/forms/notices/718.htm>
718 Margin Schemes for
second-hand goods, works of art, antiques and collectors' items.
</SNIP>
Mark Harrison
Head of Systems, eKingfisher
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