Market leading insight for tax experts
View online issue

VAT margin schemes guidance

printer Mail

HMRC has published new guidance Check if you can use a VAT margin scheme if you import from, or export to, countries outside the UK which explains the eligibility criteria for using margin schemes for the following:

  • importing works of art, collectors’ items or antiques into Great Britain from outside the UK;
  • importing works of art, collectors’ items or antiques into Northern Ireland from outside of the EU and the UK; and
  • selling second-hand vehicles in Northern Ireland which were purchased in Great Britain.

Using a VAT margin scheme if you’re an agent covers the rules for agents, including how to calculate the margin and VAT due depending on how the agents’ services are structured.

Using the VAT margin scheme for second-hand vehicles explains the margin scheme to account for VAT on the difference between the price paid for a second-hand vehicle and the subsequent sale price. The guidance links through to associated guidance on the rules covering buying and selling second-hand vehicles. The suite of guidance on the margin scheme for second-hand cars replaces VAT Notice 718/1 The margin scheme on second-hand cars and other vehicles which was withdrawn on 23 December 2021.

Issue: 1558
Categories: News