VATMARG04200 - The auctioneers바카라 사이트™ scheme: Record-keeping and invoicing requirements of the auctioneers바카라 사이트™ scheme
What records must auctioneers keep?
The record-keeping requirements are the same as those for the Margin Scheme as detailed in Margin schemes for second-hand goods, works of art, antiques and collectors바카라 사이트™ items.
Non-compliance issues are covered in VATMARG10000.
Do auctioneers issue special invoices?
Auctioneers must issue an invoice or statement to the seller and a sales invoice to the buyer showing the hammer price and charges for their services. You should read , which explains the invoicing requirements in detail.
For the purposes of the auctioneers바카라 사이트™ scheme:
- the auctioneer바카라 사이트™s purchase price = the vendor바카라 사이트™s selling price; and
- the auctioneer바카라 사이트™s selling price = the buyer바카라 사이트™s purchase price.
These respective selling and purchase prices should be clear to the auctioneer바카라 사이트™s clients from the details on the invoice.
Re-invoicing under the auctioneers바카라 사이트™ scheme
When goods have been sold under the auctioneers바카라 사이트™ scheme, and the buyer subsequently decides that it wishes to treat the transaction outside the scheme, the auctioneer may re-invoice for the transaction under the normal VAT rules.
Provisions for re-invoicing were introduced at the request of the trade, and allow the buyer to reclaim input tax on the hammer price and other charges. The VAT Auctioneers바카라 사이트™ Scheme details the conditions under which re-invoicing can be done.
Re-invoicing should not affect the vendor바카라 사이트™s position, and can be useful when goods are purchased under the scheme and then subsequently exported.
Re-invoicing and the capping rules
Re-invoicing is only permitted within the limits of the capping rules in force. See VR700 for up to date information about capping limits.