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Posted Wed, 30 Nov 2022 21:15:24 GMT by joseaus1965
hello can you use the global accounting schemne if you buy all your second hand goods from private sellers on ebay and sell them back on ebay? would the order confirmation/receipts both for purchases and sales be enough to meet the hmrc invoice requirements even though you dont get the name/address of the seller when buying the goods? thanks in advance
Posted Mon, 05 Dec 2022 13:42:51 GMT by HMRC Admin 19
Hi,

As stated in the following link, you must have an invoice from the seller that includes the sellers name and address. If you are unable to obtain this then the item will not be eligible.

VAT margin schemes

Thank you
Posted Mon, 05 Dec 2022 13:52:21 GMT by joseaus1965
Hello admin 19, in the simplified global accounting scheme (https://www.gov.uk/guidance/using-the-global-accounting-vat-margin-scheme) theres no reference to seller name, only the following: Purchase and sales summaries You must include the: invoice number, if shown on the invoice date of purchase or sale description of goods total price can you clarify if the item would be elibible based on the above? I dont see any obligation to have the seller name?
Posted Tue, 06 Dec 2022 15:38:30 GMT by HMRC Admin 2
Hi,

You can find guidance here:

Using the global accounting VAT margin scheme

Thank you.
Posted Tue, 06 Dec 2022 15:55:50 GMT by joseaus1965
thanks for the link. so is my understannding correct: -if I follow the global accounting vat margin scheme (https://www.gov.uk/guidance/using-the-global-accounting-vat-margin-scheme) i do not need to adhre to the record keeping requirements of the vat margin scheme? (https://www.gov.uk/vat-margin-schemes/keeping-records) ? Under the normal vat margin scheme: You must record certain information for each item you buy and sell that you want to use a margin scheme for. Purchases Stock number in numerical sequence - Date of purchase Date Purchase invoice number Purchase price Name of seller Description of the item Under the global accounting scheme: Purchase and sales summaries You must include the: invoice number, if shown on the invoice date of purchase or sale description of goods total price thefore a simplified receipt/invoice without seller name would be enough to satisfy hmrc as per global accounting scheme guidance? thanks
Posted Wed, 07 Dec 2022 11:39:22 GMT by HMRC Admin 2
Hi,

That is correct, as long as you meet the conditions for global accounting.

Thank you.

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