Businesses are still able to use postponed VAT accounting (PVA) to account for import VAT on their VAT returns.
Accounting for import VAT on your VAT Return means you will declare and recover import VAT on the same VAT Return, rather than having to pay it upfront and recover it later.
“Any clients bringing goods into the UK should consider using postponed VAT accounting as it helps with cash flow,” said Paul Johnston, accounts and audit manager at Chester and Wrexham based Ellis & Co Chartered Accountants and Business Advisers.
“The VAT postponement was brought in to counter the cash flow hit following our exit from the EU single market but it applies to import of goods from the whole world.”
In order to use the VAT postponement you will need your monthly postponement import VAT statement, which you can obtain here.
You will need your Government Gateway user ID.
For further advice on this or any other VAT matter please contact Paul on 01244 343504.
Ellis & Co Chartered Accountants and Business Advisers, Chester & Wrexham - 01244 343504, email@example.com