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27 September 2016
Declarations to be made when using the VAT margin scheme for second hand cars.
I have recently started to complete VAT returns under the ‘Second-hand cars and other vehicles scheme’. I see that Notice 718/1: The VAT margin scheme on second-hand cars and other vehiclesat note 5.4 says:
‘You will need to fill in a VAT return at the end of each tax period. Here are the special rules you must follow for any vehicles which you have bought or sold under the margin scheme during the tax period:
- Box 1. Include the output tax due on all eligible vehicles sold in the period covered by the return.
- Box 6. Include the full selling price of all eligible vehicles sold in the period less any VAT due on the margin.
- Box 7. Include the full purchase price of eligible vehicles bought in the period.
‘There is no requirement to include margin scheme purchases...
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