VAT on Second-Hand Goods

1 min read•Special Schemes

VAT on Second-Hand Goods

Learn how VAT applies to second-hand goods and how to properly account for it in your business.

What Qualifies as Second-Hand?

  • Previously owned items
  • Used goods
  • Antiques over 100 years old
  • Collectibles and memorabilia

VAT Treatment Options

  1. Standard VAT Accounting

    • Full VAT on selling price
    • Input VAT recovery
    • Standard invoicing

  2. Margin Scheme Benefits

    • VAT on profit margin only
    • Reduced VAT liability
    • Special record requirements

Documentation Requirements

  • Purchase records
  • Sales records
  • Stock records
  • Margin calculations

Related Guides

Record Keeping for VAT Margin Scheme

Essential guide to maintaining proper records when using the VAT margin scheme.

1 min read•Special Schemes

VAT Margin Scheme Explained

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

1 min read•Special Schemes