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@rhombusaccounting1
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Purchasing second-hand jewellery from private individuals presents unique VAT challenges. Since private sellers are not VAT-registered, they cannot charge VAT on the transaction. As a result, the jeweller cannot reclaim input VAT but can still apply the margin scheme when reselling the jewellery. This distinction is vital because it affects the business’s profit margin and the correct tax liability calculation under HMRC’s VAT regulations.
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