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Legislative basis for margin scheme record-keeping

Under SI 1995/1268 and SI 1995/3122, a person wishing to use the margin scheme, including the auctioneers' scheme or the global accounting scheme, must comply with¹:

1. Ìý

   •ÌýÌýÌýÌý such conditions as HMRC may direct in a notice

2. Ìý

   •ÌýÌýÌýÌý such conditions as HMRC may otherwise direct

Record-keeping requirements were previously published in notices 718, 718/1 and 718/2² which prescribed the record-keeping, invoicing and accounting requirements in connection with the schemes. These notices were withdrawn in December 2020 and replaced by other forms of online guidance on the gov.uk website which contain similar details of record-keeping obligations. Relevant guidance appears to include:

1. Ìý

   •ÌýÌýÌýÌý VAT margin schemes

2. Ìý

   •ÌýÌýÌýÌý Using the auctioneers' VAT margin scheme

3. Ìý

   •ÌýÌýÌýÌý Using the global accounting VAT margin scheme

4. Ìý

   •ÌýÌýÌýÌý Using the VAT margin scheme for second-hand vehicles

The records required to be kept by HMRC