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  - Myra Stevens
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  1 Foreword This notice cancels and replaces Notice 718 (January 2002). Details of any changes to the previous version can be found in paragraph 1.2 of this notice. Further help and advice If you need general advice or more copies of Customs and Excise notices, please ring the National Advice Service on You can call between 8.00 am and 8.00 pm, Monday to Friday. If you have hearing difficulties, please ring the Textphone service on If you would like to speak to someone in Welsh, please ring , between 8.00 am and 6.00 pm, Monday to Friday. All calls are charged at the local rate within the UK. Charges may differ for mobile phones. Other notices on this or related subjects Notices /1 700/12 700/18 701/20 701/21 701/21A 701/ A IPT1. If you are not already registered for VAT you should ask the National Advice Service for Notice 700/1 Should I be registered for VAT? 1. Introduction 1.1 What is this notice about? This notice is about: second-hand goods; works of art; antiques;or collector s items. The notice explains: which goods may be sold under the scheme; how the scheme works; how to calculate the margin; Page 1 of 80
  2 what records must be kept; how the scheme applies in specific circumstances; special rules which apply if you make supplies of second-hand vehicles; and special rules which apply if you make supplies of horses and ponies. The full title of the scheme is The Margin Schemes for second-hand goods, works of art, antiques and collectors items. Throughout this notice it is simply referred to as the Margin Scheme. This notice assumes that you have a working knowledge of basic VAT principles, as outlined in Notice 700 The VAT Guide. If, after reading this notice, you need any further help or advice please contact our National Advice Service. 1.2 What s changed This notice has been rewritten to improve readability. Paragraph 24.7 gives new guidance about the changes which apply to banks and financial institutions selling cars and other goods which were obtained by the bank or financial institution when they were assigned the rights in a hire purchase or conditional sale agreement, and to all businesses selling goods they obtained as a result of a transfer of a going concern, (TOGC). This revised notice also: clarifies what to do if a Global Accounting purchase invoice is received from an unregistered dealer; clarifies treatment of indemnity fees charged by auctioneers; corrects the calculation in example 5 of how VAT is worked out under the Auctioneers Scheme; removes the requirement for the auctioneer s signature to confirm the price paid or received on parts B & C of the three part form for sales of horses and ponies; amends the address of the British Equestrian Trade Association; clarifies the record-keeping requirements if a copy of an HP agreement is not held for sales under HP; clarifies carry over of negative margins under Global Accounting; Page 2 of 80
  3 includes a new paragraph on occasional sales made by businesses who do not normally deal in second-hand goods; and clarifies time limit for re-invoicing under the Auctioneers Scheme. You can access details of any changes to this notice since either on our Internet website at or by telephoning the National Advice Service on This notice and others mentioned are available both on paper and on our website. 1.3 Who should read this notice You should read this notice if you make, or intend to make, supplies of: second-hand goods; works of art; antiques; or collectors items. Full definitions of each category are provided at paragraph You should also read this notice if you make supplies of bulk volume, low value, Margin Scheme goods or if you are an auctioneer making supplies of Margin Scheme goods. Variations of the Margin Scheme, known as Global Accounting and the Auctioneers Scheme, are available in these circumstances. 1.4 What law covers this notice? Article 26a of the EC Sixth VAT Directive (as inserted with effect from 1 January 1995 by the Seventh Directive 94/5/EC) details the special arrangements applicable to second-hand goods, works of art, antiques and collectors items. In UK law, Section 50A of the VAT Act 1994 allows the Treasury to make Orders to introduce second-hand schemes. The Orders currently in force are: The VAT (Cars) Order 1992 (as amended); and The VAT (Special Provisions) Order 1995 (as amended). This Order covers all goods other than cars. These Orders require businesses who use the Margin Scheme to keep the records and accounts detailed in section 3 of this notice. In this respect, all of section 3 of the notice has legal force and supplements the law. Page 3 of 80
  4 Certain paragraphs within other parts of the notice also have legal force and supplement the law. The text of those paragraphs is indicated through being placed in a box. 2. Basic principles 2.1 What is the Margin Scheme? VAT is normally due on the full value of the goods you sell. The Margin Scheme allows you to calculate VAT on the difference (or margin) between your buying price and your selling price. If no profit is made (because the purchase price exceeds the selling price) then no VAT is payable. The scheme is not compulsory. If you decide to use it you must meet the conditions of the scheme or VAT will be due on the full selling price of your sales. 2.2 Why is there a Margin Scheme? Businesses buying and selling goods can usually recover the VAT they are charged on their stock as input tax. But if you obtain most of your stock from members of the public who are not VAT registered or from other dealers using the Margin Scheme, you will have no VAT to recover. The Margin Scheme means that you still charge VAT but only on the value you add to the goods. By calculating VAT on the margin, the scheme therefore avoids double taxation as second-hand goods re-enter the economic cycle. 2.3 What are the conditions of the Scheme? The detailed conditions are explained throughout this notice. The essentials of the scheme are: The goods must be eligible. The definition of second-hand goods, works of art, antiques and collectors items is in paragraph 2.7. That goods sold under the scheme must be acquired by you in eligible circumstances. In most cases this means that you have obtained eligible goods for resale in circumstances where you cannot recover any input tax (see paragraph 2.9). You must calculate the margin in accordance with the rules of the scheme. There are special rules about how to calculate your buying price, your selling price and your margin under the scheme. Your margin may not be the same as your profit margin (see paragraph 2.11). Page 4 of 80
  5 You must meet the record keeping requirements of the scheme. There are special rules about invoicing and stock records (see section 3) and unless you meet those conditions, VAT will be due on the full selling price of your sales. 2.4 What if I can t meet all the conditions? If you sell an eligible item but cannot meet all the record-keeping, invoicing and accounting requirements in section 3, you cannot use the Margin Scheme. You must deal with the sale in the normal way, accounting for VAT on the full selling price. 2.5 How does the Margin Scheme affect my sales under the normal rules? You can use the Margin Scheme alongside sales under the normal rules. If you do sell an item under the normal VAT arrangements (that is you charge VAT on the full selling price) you cannot choose to use the Margin Scheme retrospectively for the sale. 2.6 How does the Margin Scheme affect VAT on my overheads? You can reclaim VAT you are charged on any business overheads, repairs, parts or accessories. But, you must not add any of these costs to the purchase price of the goods you sell under the scheme. For example, if you purchase new parts which you fit to a car you cannot add the cost of those parts to the purchase price of the car. 2.7 Which goods are eligible and ineligible for the scheme? Paragraph 25.1 reproduces the law on eligible goods. It defines second-hand goods, works of art, antiques and collectors items and details goods excluded from the scheme. The following guidance will help you interpret the law. (a) (b) Second-hand goods (including motor vehicles). The legal definition is that eligible goods are goods suitable for further use as they are or after repair. In most cases goods which are second-hand in the ordinary usage of the term will be eligible for the Margin Scheme. Works of art. Works of art covers pictures, paintings, collages and drawings executed by hand by the artist. Paragraph 25.1 covers most items that would be considered works of art in the ordinary usage of the word. But craft items and items produced in a technical or industrial context may not qualify. If in doubt, check the list in paragraph Page 5 of 80
  6 (c) (d) Antiques and collectors items. Antiques are goods over 100 years old. Not all goods that can be collected are eligible as collectors items under the scheme. If in doubt check the list in paragraph Goods which are not eligible. Precious metals and precious stones are not eligible for the scheme. If in doubt check the list in paragraph How do I calculate my selling price? Your selling price is: everything which you are to receive for the goods whether from the buyer or a third party. It includes incidental expenses directly linked to the sale. Optional extras charged to the buyer and disbursements do not form part of the selling price and should be accounted for separately outside the Margin Scheme. The consideration may not be wholly in money and the normal rules about value in Notice 700 The VAT guide will apply. 2.9 Can I sell all eligible goods under the scheme? No. Goods which are second-hand, works of art, antiques or collectors items do not become automatically eligible for the scheme. To be eligible, goods must be acquired in particular circumstances, the most common of which are: where you buy the goods from a private individual or unregistered business which does not have to charge VAT to you; and when you buy the goods from another business which is selling them on the Margin Scheme. If VAT is charged on goods you have purchased for resale, you cannot use the Margin Scheme regardless of whether you reclaim the VAT. The only exception to this rule is where you exercise the option to use the Margin Scheme for imported works of art, antiques and collectors items and for works of art obtained from creators or their heirs (see section 18). There will never be any input tax to reclaim on goods you have purchased for resale under the scheme How do I calculate my purchase price? Your purchase price is: everything which you have to pay for the goods and will mirror the rules for selling price described in paragraph 2.8. Page 6 of 80
  7 You must not include any cost to you of bringing the goods to sale. The purchase price does not include the cost of repair, refurbishment or business overheads. However, there are exceptions to this if you are a bank or financial institution, see paragraph How do I calculate the margin? Under the Margin Scheme, you only have to account for VAT when the selling price of an item exceeds the purchase price. To work out the VAT due on an individual sale follow the steps in the example below: (a) Purchase price 1,500 (b) Selling price 2,000 (c) Gross Margin (b - a) 500 (d) VAT payable (c x 7/47ths) The calculation to work out the VAT due depends on the VAT rate in force. Currently, the standard rate of VAT is 17.5% (this gives a VAT fraction of 7/47ths which allows you to calculate the amount of VAT included in a given amount). When you have worked out your gross margin multiply the figure by 7 then divide by 47. If the standard rate of VAT changes at any time the VAT fraction will also change. Notice 700 The VAT Guide provides more detail about VAT fractions. If you are selling goods which were obtained following a transfer of a business as a going concern (TOGC) you should follow the rules in paragraphs 24.6 and Banks or financial institutions selling goods that they obtained when the rights in a hire purchase or conditional sale agreement were assigned to them should follow the rules set out in paragraphs 24.7 and Anyone that obtains such goods on the transfer of a going concern made by such bodies, should also follow the rules in these paragraphs. 3. Records and accounts The detailed rules in this section have the force of law 3.1 What records must I keep? To use the normal Margin Scheme you must keep all the records referred to in this section. If you do not, you cannot use the normal Margin Scheme and will have to pay VAT on the full selling price. The rules in this section are modified if you use one of the other schemes described in this notice (Global Accounting, Auctioneers Scheme, selling horses and ponies) and you must follow the rules in the relevant section. Page 7 of 80
  8 The normal rules in Notice 700 The VAT Guide apply. In addition, to use the normal Margin Scheme, you must keep: a stock book or similar record as described at paragraph 3.3; purchase invoices as described at paragraph 3.5; copies of sales invoices as described at paragraph How long must I keep the records? The normal rules about business records apply and they must be kept for at least 6 years. Notice 700 The VAT Guide explains a concession to this general rule. But if your stock includes goods which you obtained more than 6 years ago, you must retain all the evidence which will show your eligibility to margin scheme treatment when you eventually sell them. 3.3 What details do I have to include in my stock book? Your stock book must be up to date at all times and must include the following information for each item you purchase for resale under the Margin Scheme (you can include any other information for your own accounting purposes); Purchase details Stock number in numerical sequence Date of purchase Purchase invoice number Purchase price Name of seller Any unique reference number (for example a car registration number) Sales details Date of sale Sales invoice number Name of buyer Selling price or method of disposal Margin on sale (sales price minus purchase price) VAT due (margin x VAT fraction 7/47ths with a VAT rate of 17.5%) Description of the goods (such as make and model) You must include your calculations under the appropriate headings in your stock book. If your purchase price exceeds, or is the same as your selling price then no VAT will be due. However, you cannot offset any VAT on goods which are sold at a loss. In these circumstances you should show the VAT due as Nil in your stock book. An example of a Margin Scheme stock book is included at section 4. Page 8 of 80
  9 3.4 What do I have to do when I buy eligible goods? When you buy goods which you intend to sell under the Margin Scheme you must: Step Description 1 Check that the goods are eligible for the scheme (see section 2). Eligible goods purchased from private individuals or dealers who are not VAT registered can be sold under the scheme. If you buy from another VAT registered dealer it should be clearly indicated on your purchase invoice that the goods are being supplied under the Margin Scheme (see paragraph 3.5). 2 Obtain a purchase invoice at the time you buy the goods. If you buy from a private individual or an unregistered dealer you must make out the invoice. If you receive an invoice from an unregistered dealer you must ensure that it contains all the details necessary to meet the requirements of paragraph 3.4. If you buy from another registered dealer, that dealer will make out the invoice. 3 Enter the purchase details of the goods in your stock book under the appropriate headings. The purchase price you enter in your stock book must be the price on the invoice agreed between you and the seller. You must not alter the purchase price and must not add the cost of repair, refurbishment and business overheads. If you buy a number of items as a single lot but intend to sell them separately, you must allocate a purchase price to each item. If you are using Global Accounting see section 5. If you obtain goods under a transfer of a business as a going concern you should refer to the guidance in paragraphs 24.6 and Banks or financial institutions that obtained goods when the rights in a hire purchase or conditional sale agreement were assigned to them should refer to the guidance in paragraphs 24.7 and Anyone that obtains such goods on the transfer of a going concern made by such bodies, should also follow this guidance. 3.5 What details must be included on purchase invoices? The following information must always appear on your purchase invoices: seller s name and address; your name and address; stock book number; Page 9 of 80
  10. Remember, if an amount of VAT is itemised separately on the invoice, the goods are not eligible for onward sale under the Margin Scheme. 3.6 What must I do to use the Margin Scheme for the sale of goods? If you intend to use the Margin Scheme when selling eligible goods you must: Step Description 1 Ensure that you have followed all the rules relating to the purchase of the goods (see paragraph 3.4). If you have not, you cannot use the Margin Scheme for the sale of the goods. 2 Make out a sales invoice (see paragraph 3.7 for the details which must be included). 3 Certify the invoice Input tax deduction has not been and will not be claimed by me in respect of the goods sold on this invoice. 4 Enter the sales details in your stock book under the appropriate headings. 5 Issue the invoice to your customer and keep a copy for your records. If you include more than one item on your sales invoice you must allocate a selling price to each item. 3.7 What details must I include on sales invoices? The following information must always appear on your sales invoices: your name and address and VAT registration number; buyer s name and address; Page 10 of 80
  11 stock book number; invoice number; date of sale; a description of the goods including any unique reference number; total price - you must not show VAT separately; and a declaration Input tax deduction has not been and will not be claimed by me in respect of the goods sold on this invoice. If you sell an insurance product you should also disclose the full price of this on the invoice, plus any fees you are charging for the product outside the contract of insurance (see Notice IPT2 A General Guide to IPT). 3.8 Do I need to keep records for goods on sale or return? If your stock includes goods supplied to you on a sale or return basis (see Notice 700 The VAT Guide) you must include, in your stock book or in a separate record of sale or return goods, the following details of the goods: the date of transfer of the goods; description of goods including any unique identification number - for example car registration; name and address of dealer/person transferring the goods; and date of sale or return. Similarly, if any goods are removed from your stock on a sale or return basis to another dealer s premises you should note your stock record with the date and details of the dealer to whom you have transferred the goods. If you sell goods on behalf of a third party, and you issue an invoice for those goods in your own name, you are acting as an agent for VAT purposes (see paragraph 13.1). Page 11 of 80
  12 3.9 How do I treat invoices in foreign currencies? If you are buying and selling eligible goods in a foreign currency (including euros), you must convert any such values to sterling to show the prices for items bought or sold in order to calculate your margin (see table below). If you use Global Accounting or the Auctioneers Scheme see the special rules in paragraphs 6.11 and 8.5 respectively. How to calculate Purchase invoices If your purchase invoice is in a foreign currency, you must convert the values to sterling. If you buy a number of items at an inclusive price and do not intend to sell them as one lot, you must convert the price to sterling and then apportion this amount between the items. You must enter the sterling amounts on an item by item basis in your stock record. Sales invoices If you issue a sales invoice in a foreign currency, the invoice must also show the sterling equivalent of the value of the goods. When you sell more than one item on the same invoice, you must show the foreign currency and sterling price for each item on that invoice and enter the sterling amounts in your stock record. If, however, you are selling as one lot goods which you bought as one lot, you need only show a total foreign currency and sterling value for that lot. To convert amounts in foreign currencies you must use one of the methods outlined in Notice 700 The VAT Guide. But, whatever method you adopt, the exchange rate to use is that current at the time of supply by, or to, you How do I fill in my VAT return? At the end of each tax period you will be sent a VAT return to fill in. To help you complete your VAT return you may find VAT leaflet 700/12 Filling in your VAT return useful. You can obtain a copy from our National Advice Service. There are some special rules which you must follow for any goods which you have bought or sold under the Margin Scheme during the tax period. Box 1 Include the output tax due on all eligible goods sold in the period covered by the return. Box 6 Include the full selling price of all eligible goods sold in the period, less any VAT due on the margin. Page 12 of 80
  13 Box 7 Include the full purchase price of eligible goods bought in the period. There is no requirement to include Margin Scheme purchases or sales in boxes 8 and 9 of your VAT return (see paragraph 15.5) 4. Example of a Margin Scheme stock book 4.1 How do I complete my stock book? Example: 5. Global Accounting If you do not keep all the records required to operate Global Accounting you cannot use the scheme and have to pay VAT on the full selling price. The record keeping requirements are described at section What is Global Accounting? Global Accounting is an optional simplified variation of the normal Margin Scheme and is particularly beneficial if you are dealing in bulk volume, low value items. If you buy and sell such items and you are unable to maintain the detailed records described in section 3, you should consider using Global Accounting. Under the normal Margin Scheme, VAT is accounted for on the profit margin achieved on the sale of an individual item. However, under Global Accounting VAT is accounted for on the profit margin achieved on total eligible sales less total eligible purchases in a period. 5.2 What goods can I include in Global Accounting? You can include most items which are eligible for sale under the Margin Scheme (see paragraph 25.1) which have a purchase price of 500 or less per item. 5.3 Which goods cannot be included in Global Accounting? The following goods cannot be included in Global Accounting irrespective of their purchase price: aircraft; boats and outboard motors; Page 13 of 80
  14 caravans and motor caravans; horses and ponies; and motor vehicles including motorcycles - except those broken up for scrap (see paragraph 5.4). 5.4 Can I use Global Accounting for the sale of scrap? Motor vehicles which are eligible for sale under the Margin Scheme may be included in Global Accounting if they are broken up and sold on as scrap. You must keep the normal commercial documentation to show that the vehicle no longer exists and that the scrap parts are therefore eligible for Global Accounting. Where a motor vehicle has already been entered into your second-hand stock book you should close the entry and transfer the details to your Global Accounting purchase records. If you purchase a scrap motor vehicle for more than 500 you can still use Global Accounting for disposal of the components. However, any individual component valued at over 500 must be excluded from Global Accounting. If you are charged VAT separately when you buy a vehicle you cannot sell any scrap parts from that vehicle under Global Accounting or under the Margin Scheme. 5.5 What should I do when I start to use the scheme? When you start using Global Accounting you may find that you already have stock on hand which is eligible for sale under the scheme. Under Global Accounting you must calculate your total purchases at the end of the first period and you can include the value of your stock on hand in this amount. Paragraph 5.6 explains how you should value your stock on hand. If you do not take into account stock on hand you will be paying VAT on the full selling price rather than on the margin of the goods. 5.6 How do I value my stock on hand? If you wish to include the purchase value of stock on hand in the total purchases at the end of your first VAT period, you must be able to identify stock which is eligible for Global Accounting and the purchase value of that stock. You must normally do this by using the values shown on original purchase invoices. Page 14 of 80
  15 However, if you are newly registered and do not have original purchase invoices you may determine the purchase value using another method. There is no set way of doing this but you must be able to demonstrate satisfactorily to us that the method used produces a fair and reasonable total. You must retain evidence of the method used with your other Global Accounting records for 6 years. Remember, any goods bought on an invoice showing VAT separately are not eligible for resale under the scheme. 5.7 How do I work out the VAT due under Global Accounting? Under Global Accounting, VAT is calculated at the end of each tax period. Because you can take account of opening stock in your scheme calculations you may find that a negative margin is produced at the end of several periods, that is your total purchases exceed your total sales. In such cases no VAT is due but you must carry forward the negative margin to the next period as in the following example: Period one (a) Calculate total purchase value of stock on hand = 10,000 (b) Add up total purchases from your purchase summary = 2,000 (c) Add up total sales from your sales summary = 8,000 (d) Margins = c - (a + b) = 8,000-12,000 = ( 4,000) Because a negative margin is produced no VAT is due. However, this negative margin can be carried forward to the next period as follows: Period two (a) Negative margin brought forward from previous period = 4,000 (b) Add up total purchases in your second period = 1,000 (c) Add up total sales in your second period = 7,000 (d) Margin = c - (a + b) = 7,000-5,000 = 2,000 (e) VAT due = margin ( 2,000) x VAT fraction (7/47ths) = There is no negative margin to carry forward. Therefore, in the third period VAT would be calculated on the profit margin of the total sales less the total purchases. A negative margin can only be offset against the next Global Accounting margin. It cannot be offset against any other figure or record. You must keep copies of these calculations with your other Global Accounting records for 6 years. Page 15 of 80
  16 5.8 Can I use Global Accounting for bulk purchases and collections? You can use Global Accounting for bulk purchases even if the combined purchase price is over 500. But, if any individual item has a purchase value of over 500 you must exclude that item from Global Accounting and only include the remaining items. Items valued at over 500 can be sold under the normal Margin Scheme provided you can meet the record-keeping conditions detailed in section 3. You should ensure that any such items are identified and fully described on your purchase invoice. Alternatively you may sell the item under normal VAT rules. 5.9 Can I split collections? You may split collections of items such as stamp collections and either sell items separately or form other collections provided all items are eligible for Global Accounting. Similarly you may combine two or more items to produce only one item for resale, for example by using one item as a spare part for another. However, if you purchase an eligible item for 500 or more, and the item is made up of several components valued at less than 500 you cannot use Global Accounting if you sell the item in the same state as it was purchased. For example you may purchase a tea set which includes many pieces each valued at less than 500. But, if you buy the item as a tea set and sell it as a tea set you are selling one item. Because the tea set was purchased for more than 500, you cannot use Global Accounting. If the result of combining two or more eligible items results in an item of a different nature, the new item will not be eligible for the scheme. 6. Global Accounting records and accounts 6.1 What records do I need to keep? workings used to calculate the VAT due. You must keep all your records for 6 years. If you are unsure about how to maintain your Global Accounting records you should ask your local VAT Business Advice Centre. Page 16 of 80
  17 6.2 What must I do when buying goods under Global Accounting? The following text has the force of law When you buy goods which you intend to sell under Global Accounting you must: check that the goods are eligible for Global Accounting; obtain a purchase invoice. If you buy from a private person or an unregistered dealer you should make out the invoice at the time you buy the goods. If you buy from another VAT registered dealer the dealer must make out the invoice at the time of sale and certify that it is not a tax invoice; and enter the purchase details of the goods in your Global Accounting purchase records. The purchase price must be the price on the invoice which has been agreed between you and the seller. You cannot use the scheme if an amount of VAT is shown on the invoice. 6.3 What details must be included on purchase invoices? The text below has the force of law Purchase invoices must include: your name and address; the seller s name and address; invoice number; date of transaction; description of goods (this must be sufficient to enable us to verify that the goods are eligible for Global Accounting, for example four tables, ten chairs - assorted goods is not acceptable); total price, you must not show VAT separately; and an endorsement stating Global Accounting invoice. 6.4 What must I do when selling goods under Global Accounting? If you have complied with the purchase conditions above you may use Global Accounting for the sale of the goods by: recording the sale in your usual way, for example, by using a cash register; issuing a sales invoice for sales to other VAT registered dealers and keeping a copy of the invoice; and Page 17 of 80
  18 transferring your daily takings for eligible goods and/or totals of copy invoices to your Global Accounting sales record or summary (see paragraph 6.6). The text below has the force of law You must be able to distinguish between sales made under Global Accounting and other types of transactions at the point of sale. 6.5 What details must I include on sales invoices? The boxed text below has the force of law You must issue a sales invoice to other VAT registered dealers. These invoices and any other Global Accounting sales invoice you issue must show the following details: your name, address and VAT registration number; the buyer s name and address; invoice number; date of sale; description of goods (this must be sufficient to enable us to verify that the goods are eligible for Global Accounting, for example four tables, ten chairs - assorted goods is not acceptable); total price - you must not show VAT separately; and an endorsement stating Global Accounting invoice. If you are selling an item for more than 500 and do not wish to disclose to the purchaser that you bought the item under Global Accounting, you may choose to use the following declaration on your sales invoice - Input tax deduction has not been and will not be claimed by me in respect of the goods sold on this invoice. Whichever declaration you use, we must be able to distinguish your Global Accounting records from any other records. 6.6 What details should I include in my purchase and sales summaries? The text below has the force of law Page 18 of 80
  19 Although you do not have to keep your purchase and sales records or summaries in any particular way, they must include the following details taken from your purchase invoices and any sales invoices you may issue: invoice number; date of purchase/sale; description of goods (this must be sufficient to enable us to verify that the goods are eligible for Global Accounting, for example four tables, ten chairs - assorted goods is not acceptable); and total price. Paragraph 5.7 gives an example of how you should work out the VAT due at the end of each period. 6.7 What if I stop using the scheme or transfer goods as a going concern? The text below has the force of law Page 19 of 80
  20 If you cease to use Global Accounting for any reason - for example you may deregister or transfer your business as a going concern - you must make a closing adjustment to take account of purchases for which you have taken credit, but which have not been sold (your closing stock on hand). The adjustment required in this paragraph does not apply if the total VAT due on your stock on hand is 1,000 or less. In the final period for which you are using the scheme, you must add the purchase value of your closing stock to your sales figure for that period. In this way you will pay VAT (at cost price) on stock for which you have previously had credit under the scheme. The following is an example of a closing adjustment under Global Accounting: At the end of the period calculate: (a) Value of purchases during the period - 5,000 (b) Value of sales during the period - 10,000 (c) Purchase value of closing stock - 8,000 (d) Add purchase value of closing stock to sales for period (c + b) - 18,000 (e) Subtract purchases in this period from sales (d - a) - 13,000 (f) VAT due on margin (e x 7/47ths) - 1, You must make a similar adjustment if you transfer goods as part of a transfer of a going concern (TOGC). In that case you should add the purchase value of goods included in the scheme to your sales figure for the period in which the TOGC takes place. This adjustment is separate from the actual TOGC which is not subject to VAT. 6.8 Do I need to adjust my purchase records for items sold outside the scheme? If goods, already included in your Global Accounting purchase records, are sold outside the scheme, for example exported goods, you must adjust your records accordingly. When you add up your purchases at the end of the period, you must reduce the total by the purchase value of the goods being sold outside the scheme. Because you may not know the exact purchase value of an item, for example the goods may have been part of a bulk purchase, you must apportion a value. There is no set way of doing this but your method must be fair and reasonable and you must be able to demonstrate to us how the value was determined. You must retain any such evidence and calculations with your records for 6 years. Page 20 of 80
  21 6.9 How do I treat stolen or destroyed goods? The text below has the force of law Any loss of goods by breakage, theft or destruction must be adjusted by the deduction of their purchase price in your Global Accounting purchase record How do I treat repairs and restoration costs? You may reclaim any VAT you are charged on the cost of business overheads, restoration or repair costs etc as input tax subject to the normal rules. However, you must not add any of these costs to the purchase price of the eligible goods you sell under the scheme How do I treat Global Accounting invoices in foreign currencies? Global Accounting invoices will normally only show a total price for the goods you buy and sell under the scheme. But individual items with a purchase value over 500 are not eligible for this scheme and you will need to deduct the value of such items from the purchase invoice total. To do this you should convert any total value in foreign currency (including euros) into sterling and then apportion this figure so as to exclude the item or items with individual purchase values over 500. The net purchase amount in sterling must be entered in your purchase records. If you issue a Global Accounting sales invoice you must show the sterling equivalent of the total value of the goods. But, even if you sell more than one item on the same invoice, you need only show the total foreign currency and sterling price on that invoice and enter the sterling amount in your sales record. To convert amounts in foreign currencies you must use one of the methods outlined in Notice 700 The VAT Guide. But whatever method you adopt, the exchange rate to use is that current at the time of supply by, or to, you. 7. The Auctioneers Scheme - basic principles 7.1 How does an auctioneer account for VAT on the sale of eligible goods? If an auctioneer sells eligible goods (see paragraph 25.1) and invoices in his own name he may either: account for VAT under the Auctioneers Scheme; or Page 21 of 80
  22 apply the rules for invoicing as an agent (see paragraph 13.2) This section and sections 8 to 11 explain the detailed rules which apply to auctioneers operating the Auctioneers Scheme. Section 12 contains information about how a business using the Margin Scheme or Global Accounting must treat purchases and sales of eligible goods through an auctioneer. 7.2 How does the Auctioneers Scheme work? The Auctioneers Scheme is a variation of the Margin Scheme. It allows auctioneers to account for VAT on a margin, the calculation of which involves: adding to the hammer price the cost of the auctioneer s services charged to the buyer; and deducting from the hammer price the cost of the auctioneer s services charged to the seller. Paragraph 7.4 provides full guidance on how to calculate the VAT due under the Auctioneers Scheme. If you do not keep all the records referred to, you cannot use the scheme and you may have to pay VAT on the full selling price under the normal VAT rules for agents. Further information on those rules can be found in Notice 700 The VAT Guide. It is important that you check with the seller before the sale whether the goods are eligible for inclusion in the Auctioneers Scheme. The Auctioneers Scheme and its conditions are for the purposes of calculating your VAT liability and do not affect the legal status of agents or the contractual relationships between auctioneers, vendors and buyers. 7.3 When can the Auctioneers Scheme be used? To use the scheme the goods must be eligible (see paragraph 25.1) and the seller must be: not registered for VAT; or a VAT registered person supplying goods under the Margin Scheme or Global Accounting; or an insurance company selling eligible Margin Scheme goods which they have acquired as a result of an insurance claim provided that they are sold at auction in the same state; or Page 22 of 80
  23 a finance house selling eligible Margin Scheme goods which they have repossessed provided that they are sold at auction in the same state. The text below has the force of law You must also comply with the invoicing requirements which are explained at section How do I calculate VAT on goods I sell under the Auctioneers Scheme? As explained in paragraph 7.2, under the Auctioneers Scheme a margin is created by taking into account charges for services the auctioneer makes to the seller and the buyer. To calculate the amount of VAT payable on an individual sale the auctioneer must work from the hammer price: Purchase price: the hammer price less commission charges (if any) the auctioneer makes to the seller. Specific services other than commission supplied to the seller must be excluded. Selling price: the hammer price plus any charges for services the auctioneer makes to the buyer (for example, buyer s premium or other commission, incidental expenses such as packing, transport and insurance costs). Margin: deduct the purchase price from the selling price. Output tax: multiply the margin by the VAT fraction (7/47ths on a VAT rate of 17.5%). Paragraph 7.5 explains the charges that can be included in your scheme calculations. 7.5 Which charges do I include in my Auctioneers Scheme calculations? Vendor s commission and buyer s premium must always be included in your Auctioneers Scheme calculations. In addition, you must include any other charges made to the buyer of the goods. These additional charges may include incidental expenses such as packing, transport and insurance costs. The only exception to this rule is if the services are a separate supply in their own right. You must make sure that: charges included in your scheme calculations do not show VAT separately; and Page 23 of 80
  24 invoices clearly show (for the benefit of both seller and buyer) the respective selling and purchase prices to be used in scheme calculations, (indemnity fees should not be included as part of the purchase price if the insurance policy is provided by an approved insurance company). Any charges made to the buyer which are not included in your scheme calculations must be invoiced separately and if applicable, VAT charged under the normal rules. 7.6 How do I treat sales to other EC Member States? Sales made under the Auctioneers Scheme to another Member State are treated in the same way as sales within the UK. The sales are liable to tax in the UK and no further tax is due in the country of destination. Goods sold under the scheme will not be subject to acquisition VAT when they are taken into another EC Member State and should not be included on EC sales lists or boxes 8 and 9 of VAT returns. See section 15 for further information on buying and selling within the EC. 7.7 What if I sell zero-rated goods? Under the Auctioneers Scheme a margin is created from the supply of services made to the seller and the buyer. These services are not separately charged with VAT. If you are selling zero-rated goods, for example antique books, the auctioneer s margin is also zero-rated. In the VAT due column of your stock record, insert nil. 7.8 How do I treat goods supplied for export? Goods supplied for export under the Auctioneers Scheme can be zero-rated provided you obtain proof of export as detailed in Notice 703 Exports and removals of goods from the United Kingdom. You should calculate your margin in accordance with paragraph 7.4 and once you receive evidence of export you may zero-rate the margin. In the VAT due column of your stock record, insert nil. 7.9 How do I work out the time of supply? Goods sold under the Auctioneers Scheme are deemed, for VAT purposes, to be both supplies to the auctioneer and from the auctioneer. There is a common tax point for both supplies and this is determined by reference to the actual sale of the goods at auction. The tax point for both supplies will be the earlier of: the handing over of the goods by the auctioneer to the buyer; or receipt of payment by the auctioneer. Page 24 of 80
  25 7.10 What about selling goods on behalf of a Pawnbroker? You may use the Auctioneers Scheme to sell eligible goods on behalf of a pawnbroker provided: the pawn value is greater than 75 ( 25 before 1/5/98); and the pledgor is not VAT registered. If the pledgor is VAT registered you must account for VAT on the full selling price so it is in your own interest to check the status of the pledgor with the pawnbroker Can I use the Auctioneers Scheme for the sale of new goods on behalf of non-taxable persons? An Extra Statutory Class Concession (ESCC), introduced with effect from 1 January 1999, allows the Auctioneers Scheme to be used for the sale of all goods grown, made or produced (including bloodstock or livestock reared from birth) by nontaxable persons. As a condition of using the concession, you must obtain a signed certificate from the vendor giving the vendor s name and address, a description of the goods and confirmation that he/she is not registered for VAT nor required to be registered for VAT. You may incorporate the certificate into your existing sales entry in agreement with your local VAT Business Advice Centre. See section 10 for an example of the certificate. 8. The Auctioneers Scheme records and accounts 8.1 What invoices must I issue for sales made under the Auctioneers Scheme? The text below has the force of law For sales made under the scheme, you must issue an invoice to the buyer and the seller. You must issue to the seller an invoice or statement which includes all the details set out at paragraph 3.5 and you must issue to the buyer an invoice or other document which includes all the details set out at paragraph 3.7. Your purchase invoice/statement and sales invoice must also show: Page 25 of 80
  26 Purchase Invoice / statement The hammer price of the goods. Any commission charges made to the seller. You must not show a separate amount of VAT on these charges. The net amount due to the seller (this amount will form your purchase price and the selling price for a VAT registered dealer using the Margin Scheme). Sales invoice The hammer price of the goods. Any charges for services (for example buyer s premium) made in connection with the sale of the goods (see paragraph 7.5). You must not show a separate amount of VAT on any of these charges. The amount due from the buyer (this amount will form your selling price and will be the purchase price for a VAT registered dealer using the Margin Scheme). If the seller and/or buyer are using the Margin Scheme, their respective selling and purchase prices must be clear from the invoices you issue. This means that the auctioneer should allocate any charges included under the Auctioneers Scheme against each lot. If you are unsure about any of the invoicing and record-keeping requirements you should contact our National Advice Service. 8.2 Do I have to keep a stock record of goods purchased and sold under the Auctioneers Scheme? The text below has the force of law Although you must always keep stock records you do not have to maintain a stock book which is strictly in accordance with the requirements set out at paragraph 3.3. However, if you do not, you must retain sufficient alternative records which provide the same information set out in paragraph 3.3. Examples may include: entry forms; sales catalogues; copies of lots and sales of the day; and copies of sales and purchase invoices. 8.3 Can I include scheme and non-scheme supplies on the same invoice? If you sell goods to the same buyer under the Auctioneers Scheme and under normal accounting, you can include each item on one invoice. If you do choose to include the sales on a single invoice you must ensure that each supply can be clearly distinguished. However, to avoid any confusion for the buyer, you are advised to issue separate invoices. Page 26 of 80
  27 The buyer must be able to establish the sales price for those items sold under the Auctioneers Scheme. This amount will form the purchase price for VAT registered dealers using the Margin Scheme. 8.4 Can I re-invoice goods under the normal rules? If goods have been sold under the Auctioneers Scheme and the buyer subsequently decides that they wish to treat the transaction outside the scheme - preferring to pay VAT separately on the hammer price and other charges - you may re-invoice for the transaction under the normal VAT rules provided that: you are able to comply with all the relevant VAT regulations for the substitute transaction; and at the time of the amendment both you and the buyer hold all the original records relating to the transaction. If you both agree to this re-invoicing and can meet these conditions you must cancel the first entry in your records and cross-refer to the amended transaction. The replacement invoice which you issue to the buyer must clearly refer to the original transaction and state that it is cancelled and that the buyer should amend their VAT account accordingly. Re-invoicing cannot be undertaken more than three years after the due date of the VAT return on which the original supply was accounted for. This is because input tax cannot be claimed under the three year cap rules. 8.5 How do I treat Auctioneers Scheme invoices in foreign currencies? Invoices issued in foreign currencies under the Auctioneers Scheme must show the sterling equivalent of each element of the invoice - for example the hammer price of the goods and the amount of commission or other charges due - and not just the total value of the supplies made. 9. Example calculations for the Auctioneers Scheme 9.1 How do I work out the VAT due under the Auctioneers Scheme? In these examples: the hammer price is 1,000; Page 27 of 80
  28 the rate of VAT is 17.5% and the VAT fraction is 7/47ths; the commission is a VAT inclusive rate of 11.75%, that is 10% plus VAT; and buyer s premium is a VAT inclusive rate of %, that is 15% plus VAT Example 1 - Auctioneer selling goods under the Auctioneers Scheme and charges commission to seller, no buyer s premium or other charges to the buyer. (a) Hammer price = 1, (b) Commission -Commission rate times hammer price 11.75% X 1,000 = (c) Purchase price - Hammer price less commission (a - b) 1, = (d) Selling Price -Hammer price (a) = 1, (e) Margin - Selling Price less purchase price (d - c) 1, = (f) Output Tax - Margin times VAT fraction X 7/47ths = Example 2 - Auctioneer selling goods under the Auctioneers Scheme and charges commission to seller and buyer s premium (a) Hammer price = 1, (b) Commission - Rate of commission times hammer price 11.75% X 1,000 (c) Purchase price - Hammer price less commission (a - b) 1, = = (d) Buyer s premium -Rate of buyer s premium times hammer price % X 1,000 = (e) Selling Price - Hammer price plus buyer s premium (a + d) 1, (f) Margin - Selling Price less purchase price (e - c) 1, = 1, = (g) Output Tax - Margin times VAT fraction X 7/47ths = Example 3 - Auctioneer selling zero-rated goods (such as antique books) under the Auctioneers Scheme and goods sold for export from the European Community. Calculation includes vendor s commission and buyer s premium. Page 28 of 80
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