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 how the margin scheme operates and should be read in conjunction with the following guidance notes:
The purchase price is everything the business is required to pay in order to purchase the goods. It will include the following types of costs charged by the supplier:
The business must not include any repair, maintenance or other costs incurred that are required in order to sell the goods in the purchase price.
Business overheads must also be excluded from the purchase price of the goods.
Businesses must following these steps when purchasing goods they intend to sell under the margin scheme:
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login