Difference between revisions of "How to post a VAT reclaim under the Second-Hand Motor Vehicle Payment Scheme"

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Go to {{Menu|{{NL}}|Journal Entries}}.
 
Go to {{Menu|{{NL}}|Journal Entries}}.
 
* Select {{DataPrompt|Entry mode}} - {{DataValue|[[Posting cashbook entries|Cashbook Entry]]}}
 
* Select {{DataPrompt|Entry mode}} - {{DataValue|[[Posting cashbook entries|Cashbook Entry]]}}
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* Select {{DataPrompt|Money in/out}} - {{DataValue|Out}} if the payment is to HMRC or {{DataValue|In}} if you are receiving a refund.
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* Select {{DataPrompt|Money in}} - {{DataValue|in}}  
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* Enter the Nominal {{DataPrompt|Centre}} for the bank from or into which the money is being paid, e.g. {{DataValue|Z992}} - Current Bank Account.
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* Enter the Nominal {{DataPrompt|Centre}} for the bank which the money is being paid, e.g. {{DataValue|Z992}} - Current Bank Account.
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* On the second line of the journal, enter {{DataValue|Z999}} - this is the VAT Control nominal centre for your VAT in Platinum accounts.
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* On the second line of the journal, enter the nominal code you wish to use. This may be a credit to Unit Sales or to COS and will be your decision.
  
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{{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.}}
 
  
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* Enter the {{DataPrompt|Date}} the money will leave or be paid into your bank account.
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* Enter the {{DataPrompt|Date}} the money will be paid into your bank account.
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* 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}}.
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* Enter the amount of the payment. Your cursor will be on the relevant column based on your choice of {{DataPrompt|Money in/out}}.
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* Enter a suitable {{DataPrompt|Comment}}, e.g. {{DataValue|VAT Q1 2020}}.
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* Enter a suitable {{DataPrompt|Comment}}, e.g. {{DataValue|HMRC Payment Q1 2023}}.
 
* Click {{Button|Done}} and {{Button|Accept}}.
 
* Click {{Button|Done}} and {{Button|Accept}}.

Revision as of 14:33, 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" - 'in'
  • Enter the Nominal "Centre" for the bank which the money is being paid, e.g. 'Z992' - Current Bank Account.
  • On the second line of the journal, enter the nominal code you wish to use. This may be a credit to Unit Sales or to COS and will be your decision.


  • Enter the "Date" the money will be paid into your bank account.
  • Enter the amount of the payment. Your cursor will be on the relevant column based on your choice of "Money in/out".
  • Enter a suitable "Comment", e.g. 'HMRC Payment Q1 2023'.
  • Click [Done] and [Accept].
Retrieved from "https://www.catalyst-uk-support.com/kb/index.php?title=How_to_post_a_VAT_reclaim_under_the_Second-Hand_Motor_Vehicle_Payment_Scheme&oldid=43933"