- HMRC sent a letter to businesses buying used motor vehicles in GB and moving them to NI for resale
- Businesses were asked to check records for vehicles held in stock before 1 May 2023
- Changes to VAT accounting for sales of second-hand motor vehicles after 31 October 2023
- Deadline extended to 30 April 2024 to use VAT margin scheme
- Reminder that VAT margin scheme cannot be used for these vehicles after 30 April 2024
- Vehicles bought in GB and moved to NI before 1 May 2023 must be resold by 30 April 2024 for VAT margin scheme eligibility
- Second-hand motor vehicle payment scheme introduced on 1 May 2023
- VAT-related payment available for vehicles bought in GB and moved to NI for resale on or after 1 May 2023
- VAT should be charged on full selling price, but VAT-related payment will offset the amount
- More information on claiming VAT-related payment available
- Contact HMRC with their reference number for quicker assistance
Source: nicustomstradeacademy.co.uk
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.
