Q:
Can you explain how these two work within import and export please?
A:
Hi
Well it’s a bit of a big topic to cover in a forum reply. The best thing is to tell you where to look for the HMRC published guidance so that you can read up on it yourself to begin with. Then you can come back if you need help on any specific points.
The first place is the HMRC VAT Notice 718: Margin Schemes which is the main source of information about the margin schemes. This is on the HMRC website http://www.hmrc.gov.uk. Type notice 718 into the search box and it will take you there. Sections 17 and 18 of the notice deal with imports and exports and contain some detailed worked examples.
They are quite well explained so I hope you’ll find what you’re looking for in there.
Also you can find a bit more information in the HMRC internal guidance here http://www.hmrc.gov.uk/manuals/vatmargmanual/VATMARG07000.htm.
Kind regards
Marie
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