RE: VAT on second-hand goods...

["Mark Harrison" <Mark.Harrison@xxxxxxx>]

Ah - I'd forgotten that this was coming from outside the EU!

Given HMC&E charge VAT on the lot at point of import, Li has to charge
VAT on the whole selling price.

This scheme would only help if Li was selling second-hand stuff that
he'd bought from a private seller in the UK then!

Regards,

Mark


-----Original Message-----
From: Kenneth Watt [mailto:kennwatt@xxxxxxx]
Sent: 6 March 2002 11:10
To: ukha_d@xxxxxxx
Subject: RE: [ukha_d] VAT on second-hand goods...


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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