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Buying and selling of used gold jewellery, Can I use margin scheme?

Answer
sohail Zafar
Posted Mon, 16 Sep 2024 17:47:38 GMT by sohail Zafar
Hi, I am vat registered business. Now I am going to start buying and selling used gold jewellery, Can I use margin scheme selling gold? And follow The Margin and Global Accounting Scheme (VAT Notice 718) guidance?
Answer
HMRC Admin 18 Response
Posted Mon, 23 Sep 2024 20:32:40 GMT by HMRC Admin 18 Response
Hi,

Unfortunately you can't use the margin scheme for the sale of precious metals.

Please see the guidance below:

VAT margin schemes

Thank you.

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