RE: VAT on second-hand goods...

["Kenneth Watt" <kennwatt@xxxxxxx>]

And the killer is that if the VAT man charges you VAT when you buy the
goods in you are obliged to add VAT on the way out IIRC.

K.

> -----Original Message-----
> From: Mark Harrison [mailto:Mark.Harrison@xxxxxxx]
> Sent: 06 March 2002 09:56
> To: ukha_d@xxxxxxx
> Subject: [ukha_d] VAT on second-hand goods...
>
> 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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