VAT Second Margin Scheme v. Global Accounting Scheme

The Second Hand Margin Scheme and Global Accounting Scheme are similar in principle, with the Global scheme being a simplified version of the margin scheme. VAT Global Accounting Scheme: An Overview What are the Key Differences Between the Two Schemes Although similar at a high level, there are differences between the second margin scheme and (more…)

Global Accounting for Purchases over £500

Individual items that you have purchased for over £500 each cannot be included in the global accounting scheme (but you can use the VAT margin scheme for these items providing you meet this schemes criteria).  However, there may be scenarios where you have bought collections of goods or combined items to resale where the individual value is (more…)

VAT Global Accounting Scheme: Calculating Your Margin

Under the VAT Global Accounting Scheme you pay VAT at 1/6th of the difference between the number of items you sell in a quarter and the amount you spent on new purchases.  But there are rules that you need to follow when working out each of these figures, as well as special rules if you (more…)

VAT Global Accounting Scheme: Record-Keeping & Invoicing

If you have chosen to use the VAT Global Accounting Scheme then you need to make yourself aware of the VAT records and invoice requirements affecting you.  In addition, you also need to keep records in accordance with the Standard VAT Scheme especially if you are intending to claim back VAT on your overheads – (more…)

Overview of the VAT Global Accounting Scheme

The VAT Global Accounting Scheme is only available to certain types of businesses who sell: second-hand goods works of art antiques, or collectors’ items You cannot use the scheme for aircrafts, boats and outboard motors, caravans and motor caravans, horses and ponies, and motor vehicles, including motorcycles. In summary, eligible members of the VAT Global (more…)