The Margin Scheme on second-hand cars and other vehicles (VAT Notice 718/1)
Detail This notice cancels and replaces Notice 718/1 (December 2020). Details of any changes to the previous version can be found in paragraph 1.2. It applies to supplies of used vehicles within the UK and to acquisitions of used vehicles into Northern Ireland from the EU. 1. Overview 1.1 Information in this notice This notice explains when you may use the Second-hand Margin Scheme to account for VAT on your sales of second-hand vehicles. 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 V...
Source: gov.uk