How to account for VAT on the sale of your goods using the Margin Scheme or the Global Accounting Scheme.

1. Overview

1.1 What this notice is about

This notice explains when you may use the Margin Scheme for second-hand goods, works of art, antiques and collectorsʼ items, or the Global Accounting Scheme to account for VAT on your sale of goods.

It explains:

which goods you can sell under the schemes

how the schemes work

how you must calculate the margin

what records you must keep

This notice assumes that you have a working knowledge of basic VAT principles, as outlined in VAT guide (VAT Notice 700).

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