Margin schemes for second-hand goods, art, antiques, collectibles

Normally you charge VAT on your sales, and reclaim VAT on your purchases. However, if you buy or sell second-hand goods, works of art, antiques or collectibles you may be able to use a margin scheme. These schemes enable you to account for VAT only on the difference between the price you paid for an item and the price at which you sell it - your margin. There is no VAT to reclaim on the item you buy, and you won't pay any VAT if you don't make a profit on a deal. You can still use normal VAT accounting for other sales and purchases such as overheads.

There are special margin schemes for auctioneers and global accounting.

Find out more about the margin schemes.

To discuss this further and how it could benefit you, please contact us.

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