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VAT second-hand margin schemes: new HMRC guidance

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Published: 11 Jan 2022 Update History

HMRC replaces three VAT notices with new guidance on second-hand margin schemes.

VAT margin schemes are an optional method of accounting that allow businesses to calculate VAT on the value added to the goods they sell, rather than on the full selling price.

On 23 December 2021, HMRC issued 12 documents that it described as new notices relating to margin schemes. ICAEW’s Tax Faculty observes that these new guidance notes are primarily replacements for the old VAT notices 718, 718/1 and 718/2 which were withdrawn on the same date.

The new guidance contains some additional information regarding changes resulting from the Northern Ireland Protocol.

Links to the new guidance are as follows:

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