DragonDMS Accommodates HMRC Second-hand Motor Vehicle Payment Scheme for Northern Ireland
28th April 2023
Car dealers based in Northern Ireland should already be aware that HMRC are introducing the second-hand motor vehicle payment scheme next month. It will replace the VAT margin scheme for second-hand vehicles that are purchased in Great Britain (GB) and moved to Northern Ireland (NI) for resale.
This HMRC scheme is designed to protect Northern Ireland’s second-hand car market into the future ending two years of uncertainty for traders and consumers.
When vehicles are sold, VAT will be charged on the full selling price, however the scheme puts car dealers who buy eligible vehicles from Great Britain in a similar position to the VAT margin scheme.
Over the past two years, Dragon2000 have been in direct consultation with HMRC during the scheme’s development, and as a result we have developed new functionality within the DragonDMS software to facilitate the recording, reporting and integrating to Sage50 of VAT-related payment claims.
The new functionality is now available to users of the DragonDMS dealer management system, ahead of the HMRC Second-hand Motor Vehicle Payment Scheme introduction on 1st May 2023.
Dragon2000 have been helping dealers and garages drive their businesses forward since 1995. Talk to our team today on 01327 222 333 or email us at firstname.lastname@example.org to find out how our dealer management system, car dealer websites and mobile apps can help your business increase profits and reduce costs.