Using the global accounting VAT margin scheme
If you make supplies of second hand goods, works of art or antiques and collectors items you can choose to use this simplified margin scheme to account for VAT.
Official website: gov.uk00
How to use the service
Work out the value of your stock on hand . Calculate the VAT due . Find out what records you need to keep .
Requirements
You must keep records: of purchase and sales (link to selling section), together with how you’ve worked out the VAT due which are up to date and clearly distinguishable from any other records for 6 years If HMRC cannot check the margins you have declared, VAT will be due on the full selling price of the goods you’ve supplied. If you lose any goods through breakage, theft or destruction, you must subtract their purchase price from your global accounting purchase record. You can reclaim the VAT you’re charged on any business overheads, repairs, restoration costs, and so on. You must not add any of these costs to the purchase price of the goods you sell.
Official source
Using the global accounting VAT margin scheme
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