Skip to main content

This is a new service – your feedback will help us to improve it.

  • RE: VAT global accounting scheme - ebay purchases and sales

    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
  • RE: VAT global accounting scheme - ebay purchases and sales

    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?
  • VAT global accounting scheme - ebay purchases and sales

    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
  • VAT global accounting scheme - invoices

    Can someone clarify this statement from the Guidance Using the global accounting VAT margin scheme 'Invoicing Purchase and sales invoices You must issue a sales invoice to other VAT-registered dealers and include: ' Does this mean that you dont have to issue a sales invoice if the buyer is not VAT registered? For example, if I sell on ebay to an private individual, do i need to send them a separate sales invoice? The same principle for purchases, if i buy from a non vat registered person, do I need to create a purchase invoice? From the statement of the guidance i interpret that invoices are only required when dealing with VAT registered individuals? I find this very confusing, some guidance would be helpful