The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the main principles of the Global Accounting scheme and this note should be read in conjunction with Overview of margin schemes and Operating the margin scheme.
The Global Accounting scheme is a simplified version of the normal margin scheme.
The margin for businesses using this scheme is the difference between the eligible total purchases and total eligible sales made during the VAT return period.
Businesses that would predominately benefit from using this scheme are those that:
The scheme can only be used for goods that cost £500 or less per item and the goods which are not excluded from the scheme (see below).
None of these goods can be sold using the Global Accounting scheme:
A VAT registered business may use the scheme provided the following conditions are met:
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