Earlier this week NFDA held a meeting with HMRC representatives, where they outlined the second-hand Motor Vehicle Payment Scheme which is due to replace the VAT margin scheme on May 1st 2023. The scheme will impact businesses in Northern Ireland who are buying second-hand vehicles in Great Britain and moving them to Northern Ireland with the intention to resell.

Please find HMRC’s presentation slides HERE which provides further information amount the running, eligibility, and stocking requirements of the scheme.

HMRC have also asked us to source feedback on the guidance they have created, if you could fill out responses to the below questions and return them to the NFDA via Oliver.Nurser@rmif.co.uk that would be appreciated.

Second-hand Motor Vehicle Payment Scheme – Guidance Feedback Questions

  1. Does the guidance contain the information that you expected? (Yes/No)
  • If you answered no, can you provide details of the information you think should be included?
  1. Is the guidance sufficiently clear to enable your business to understand the requirements for the scheme? (Yes/No)
  • If you answered no, can you provide details (this could be that the guidance is not clear in general or particular areas of the guidance where the explanation of the policy is unclear)?
  1. How likely is it that you will refer to the guidance in the future? 1 – Not likely to 5 – Very likely
  1. If you would like to provide any further comments you can do so here