Difference between revisions of "How to post a VAT reclaim under the Second-Hand Motor Vehicle Payment Scheme"
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for more information please visit [https://www.gov.uk/government/publications/second-hand-motor-vehicle-export-refund-scheme/second-hand-motor-vehicle-export-refund-scheme this link] | for more information please visit [https://www.gov.uk/government/publications/second-hand-motor-vehicle-export-refund-scheme/second-hand-motor-vehicle-export-refund-scheme this link] | ||
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| + | == More Information == | ||
| + | Go to {{Menu|{{NL}}|Journal Entries}}. | ||
| + | * Select {{DataPrompt|Entry mode}} - {{DataValue|[[Posting cashbook entries|Cashbook Entry]]}} | ||
| + | * Select {{DataPrompt|Money in/out}} - {{DataValue|Out}} if the payment is to HMRC or {{DataValue|In}} if you are receiving a refund. | ||
| + | * Enter the Nominal {{DataPrompt|Centre}} for the bank from or into which the money is being paid, e.g. {{DataValue|Z992}} - Current Bank Account. | ||
| + | * On the second line of the journal, enter {{DataValue|Z999}} - this is the VAT Control nominal centre for your VAT in Platinum accounts. | ||
| + | |||
| + | {{Warning|text=Do not select {{DataValue|Z989}} if you choose to search for the centre to use. This centre is only used by Cash Accounting systems to hold the VAT for transactions yet to be paid. In all systems {{DataValue|Z999}} is the VAT Control nominal centre.}} | ||
| + | |||
| + | * Enter the {{DataPrompt|Date}} the money will leave or be paid into your bank account. | ||
| + | * Enter the amount of the VAT payment/refund. Your cursor will be on the relevant column based on your choice of {{DataPrompt|Money in/out}}. | ||
| + | * Enter a suitable {{DataPrompt|Comment}}, e.g. {{DataValue|VAT Q1 2020}}. | ||
| + | * Click {{Button|Done}} and {{Button|Accept}}. | ||
Revision as of 14:13, 20 April 2023
Summary
This article explains how to record a HMRC payment for the second-hand motor vehicle payment scheme.
The second-hand motor vehicle payment scheme allows you to claim a VAT-related payment if you buy an eligible second-hand motor vehicle in Great Britain and:-
- Move that vehicle to Northern Ireland with the intention to resell it in Northern Ireland or to the EU.
- Export that vehicle to the EU with the intention to resell it in the EU or to Northern Ireland.
This applies to customers in NI or groups with branches in the UK.
for more information please visit this link
More Information
Go to " Nominal Ledger Journal Entries".
- Select "Entry mode" - 'Cashbook Entry'
- Select "Money in/out" - 'Out' if the payment is to HMRC or 'In' if you are receiving a refund.
- Enter the Nominal "Centre" for the bank from or into which the money is being paid, e.g. 'Z992' - Current Bank Account.
- On the second line of the journal, enter 'Z999' - this is the VAT Control nominal centre for your VAT in Platinum accounts.
 | Do not select 'Z989' if you choose to search for the centre to use. This centre is only used by Cash Accounting systems to hold the VAT for transactions yet to be paid. In all systems 'Z999' is the VAT Control nominal centre. |
- Enter the "Date" the money will leave or be paid into your bank account.
- Enter the amount of the VAT payment/refund. Your cursor will be on the relevant column based on your choice of "Money in/out".
- Enter a suitable "Comment", e.g. 'VAT Q1 2020'.
- Click [Done] and [Accept].
