Auctioneers Scheme (VAT Notice 718/2)
How the VAT Auctioneers Scheme works and when you may use the scheme to account for VAT on the supplies you make.
From: Contents
1.1 Information in this notice
This notice is about the Auctioneers’ Scheme, which is a variation on the VAT Margin Scheme for second-hand goods, antiques, works of art and collectors’ items. It tells you when you may use the Auctioneers’ Scheme to account for VAT on the supplies you make.
It explains:
how the scheme works
what records you must keep
This notice assumes that you have a working knowledge of basic VAT principles, as outlined in Notice 700: the VAT Guide.