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Vat On Second Hand Jewellery

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hc4361 | 14:40 Thu 17th May 2018 | Shopping & Style
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Do I pay VAT if I buy second hand jewellery from a jewellery shop?
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Avatar Image albaqwerty
I think they charge VAT on their profit margin but I could well be wrong.
14:45 Thu 17th May 2018
Avatar Image Peter Pedant
well the answer looks like yes

https://www.gov.uk/vat-margin-schemes

it certainly does not look exempt or zero rated ( they are different! ) and so the answer would depend on turnover and the sellers decision whether to register or not
( t.o.£85k has to but below that can do)

sorry to be so clear
14:47 Thu 17th May 2018
Avatar Image Mamyalynne
Agree with Alba, I think this is covered by the VAT Margin Scheme.

https://www.gov.uk/vat-margin-schemes
14:47 Thu 17th May 2018
Avatar Image Peter Pedant
yes alba is correct - they can opt to
14:47 Thu 17th May 2018
Avatar Image Mamyalynne
Sorry Peter, crossed there.
14:48 Thu 17th May 2018
Avatar Image hc4361
Question Author
All very confusing, mamya's link says the margin scheme can't be used for precious metals :(
14:54 Thu 17th May 2018

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