Record Keeping for VAT Margin Scheme

1 min read•Special Schemes

Record Keeping for VAT Margin Scheme

Proper record keeping is crucial for businesses using the VAT margin scheme. This guide explains all requirements.

Required Records

Purchase Records

  • Original purchase invoices
  • Proof of payment
  • Supplier details
  • Purchase dates and prices

Sales Records

  • Customer invoices
  • Payment records
  • Margin calculations
  • Stock numbers

Record Keeping Systems

  1. Stock Control

    • Individual item tracking
    • Stock numbers
    • Purchase and sale dates
    • Margin calculations

  2. Financial Records

    • Separate margin scheme account
    • Daily sales records
    • Monthly summaries
    • Annual totals

Related Guides

VAT Margin Scheme Explained

Understanding how the VAT margin scheme works for second-hand goods, art, and antiques.

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VAT on Second-Hand Goods

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