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Contents

Official guidance
VAT Margin Schemes

VATMARG03000 · Global accounting

  • VATMARG03050 · What is global accounting?
  • VATMARG03100 · What goods can be sold under global accounting?
  • VATMARG03150 · Purchase and sales invoices for global accounting
  • VATMARG03200 · Bulk purchases
  • VATMARG03250 · Collections
  • VATMARG03300 · Treatment of scrap and items broken up for use as spares
  • VATMARG03350 · Global accounting records and accounts
  • VATMARG03400 · What if items are sold outside the scheme?
  • VATMARG03450 · Opening stock and global accounting
  • VATMARG03500 · Can global accounting be used retrospectively?
  • VATMARG03550 · Negative margins
  • VATMARG03600 · Use of global accounting by pawnbrokers
  • VATMARG03650 · Leaving the global accounting scheme
  1. Global accounting: contents
  2. Global accounting: Can global accounting be used retrospectively?

VATMARG03500 | Global accounting: Can global accounting be used retrospectively?

From HM Revenue & Customs · VAT Margin Schemes

Retrospective use of the scheme may be allowed if exceptional circumstances exist.

Requests for retrospective use of the scheme will be rare. If you receive one, you should follow the procedure set out at VATMARG13050.

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