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 margin scheme that can be used by auctioneers. 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:
This note should be read in conjunction with the following guidance notes:
If an auctioneer:
The auctioneer has a number of methods that it can use in order to account for VAT due on the sale of these items. These are:
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