How to post a VAT reclaim under the Second-Hand Motor Vehicle Payment Scheme
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Revision as of 13:35, 4 May 2023 by Dave Laundon (talk | contribs) (Dave Laundon moved page How do I record a payment on the second-hand Motor vehicle payment scheme to How to post a VAT reclaim under the Second-Hand Motor Vehicle Payment Scheme without leaving a redirect)
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
You can sell vehicles outside of the normal second hand margin scheme by selecting the "VAT Qualifying" flag to 'Y'on a vehicle record.
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].
See also
