We are VAT registered, our GB Vat registration number is 419343789
We operate using the VAT margin scheme rate which is 16.67% to all of our applicable works of art, antiques, collectibles & second hand goods. We also operate the standard 20% VAT scheme on some of our other items that do not qualify for the VAT Margin scheme for example precious metals, please ask prior to ordering. Please note that under the VAT margin scheme invoices will not specify a VAT amount, it will say Margin.
Vat margin scheme is used for second-hand goods, works of art antiques and collectors’ items.
VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather than the full selling price. You pay VAT at 16.67% (one-sixth) on the difference. You can choose to use a margin scheme when you sell: the following below.
Second-hand goods are goods that can still be used, or which could be used after repair.
Works of art are most items normally described as ‘works of art’ are eligible. There are some exceptions, for example technical drawings, scenery for theatres and hand-decorated manufactured items.
Antiques and collectors items
Antiques are goods that are over 100 years old. Collectors’ items are stamps, coins and currency and other pieces of scientific, historical or archaeological interest. Not all items that can be collected are eligible for a margin scheme.
The VAT margin scheme is a tax which is the difference between what you paid for an item and what you sold it for, rather than the full selling price. You would pay VAT at 16.67% (one-sixth) on the difference.
You can choose to use a margin scheme when you sell:
works of art
You cannot use a margin scheme for:
any item you bought for which you were charged VAT