Seller_1HNtcPxkW4KbC
VAT Question - Margin Scheme
Hi, we operate under the VAT margin scheme and produce invoices which don’t show the full amount as per government guidelines.
Does the buyer have the ability to claim the full 20% amount of VAT back for their purchase?
Thanks
Putneyboy
Tags:Listings
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10 replies
Seller_EHYOwAkoZV3Hb
As you operate under the Margin scheme and don’t supply VAT invoices, the customer can’t reclaim VAT.
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Seller_7Czw65zw81AlW
Hello
Refer to HMRC VAT guidelines and in particular VAT Notice 718 - the VAT Margin Scheme and Global Accounting.
In short your invoices to customer’s should show 0.00 VAT but there are a few exemptions dependent upon your business.
Regards
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Seller_7Czw65zw81AlW
Even though you are under the Margin scheme you MUST provide VAT invoices if requested.
You also need to keep a record (naturally) of all invoices issued.
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