
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
VAT MARGIN SCHEMES Skip contents CONTENTS * Overview * Eligibility * Keeping records * VAT return ELIGIBILITY You can only use a margin scheme for: * second-hand goods * works of art *
antiques and collectors’ items SECOND-HAND GOODS Goods that can still be used, or which could be used after repair. WORKS OF ART Most items normally described as ‘works of art’ are eligible.
There are some exceptions, for example technical drawings, scenery for theatres and hand-decorated manufactured items. ANTIQUES AND COLLECTORS’ ITEMS Antiques are goods that are over 100
years old. Collectors’ items are stamps, coins and currency and other pieces of scientific, historical or archaeological interest. Not all items that can be collected are eligible for a
margin scheme. There are special rules for works of art, antiques or collectors’ items imported from outside the European Economic Area (EEA) and works of art bought directly from the
creator or their heirs. MARGIN SCHEMES AND STANDARD VAT If some of the items you buy and sell are not eligible for a margin scheme, you pay and charge VAT for those items in the normal way.
You cannot include any of the following in your calculations when using a margin scheme: * business overheads * repairs * parts or accessories Instead, reclaim these on your VAT return in
the normal way. Contact HM Revenue and Customs (HMRC) if you’re not sure about a particular item. Previous : Overview Next : Keeping records View a printable version of the whole guide