The problem with the VAT Second-Hand Goods Scheme is that details of each individual item purchased, and then later sold, has to be recorded. This requirement can lead to a lot of paperwork and an awful lot of administration which, obviously, many businesses are not too keen to comply with.
Global Accounting is an optional, simplified variation of the Second Hand Margin Scheme (MS).
Source: marcusward.co
Latest Posts in "United Kingdom"
- Boehringer Ingelheim: VAT on Pharma Payments to DHSC Appeal
- UK–GCC Free Trade Agreement: A Landmark Deal Opening New Trade and Customs Opportunities
- HMRC Guidance: Business entertainment (VAT Notice 700/65)
- HMRC Guidance: Admission charges to cultural events (VAT Notice 701/47)
- HMRC Guidance: VAT rates on different goods and services
