HMRC has published new guidance Check
when you can account for import VAT on your VAT return for businesses
on using postponed VAT accounting after the end of the Brexit transition
period. From 1 January 2021, UK VAT-registered businesses will, in some
circumstances, be able to account for import VAT on their VAT return for goods
imported from anywhere in the world, meaning that the business can declare and
recover import VAT on the same VAT return, rather than having to pay it up front
and recover it later. Guidance has also been published on how
to complete a VAT return for businesses using postponed VAT accounting
after the end of transition.
HMRC has published new guidance Check
when you can account for import VAT on your VAT return for businesses
on using postponed VAT accounting after the end of the Brexit transition
period. From 1 January 2021, UK VAT-registered businesses will, in some
circumstances, be able to account for import VAT on their VAT return for goods
imported from anywhere in the world, meaning that the business can declare and
recover import VAT on the same VAT return, rather than having to pay it up front
and recover it later. Guidance has also been published on how
to complete a VAT return for businesses using postponed VAT accounting
after the end of transition.
