UK: Updated guidance on VAT-related payment claims for motor vehicle supplies
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The guidance on VAT-related payment claims for motor vehicle supplies has been updated by HM Revenue and Customs in the United Kingdom. The revised guidance specifically focuses on vehicles that have been removed to Northern Ireland or exported to an EU member country on or after May 1.
Key areas covered in the updated guidance include:
Clarification of the eligibility criteria for participating in the payment scheme.
Detailed procedures for making VAT-related payment claims for eligible second-hand motor vehicles.
Explanation of the obligation to account for the claim as input tax on the VAT return.
Requirements for maintaining proper records in accordance with the guidelines.
Guidelines on how to account for VAT after the resale of motor vehicles.