- HMRC is extending the deadline for using the VAT margin scheme for second-hand vehicles bought in GB and moved to NI before 1 May 2023.
- The new deadline will be 30 April 2024 instead of 31 October 2023.
- The new VAT second-hand motor vehicle payment scheme is available for vehicles moved from Great Britain to Northern Ireland on and after 1 May 2023.
- For vehicles purchased in GB and moved to NI before 1 May 2023, the margin scheme should be used if they are resold before the deadline.
- If these vehicles are resold after the deadline, VAT will need to be accounted for on the full selling price.
Source: taxjournal.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
