Brexit. Guidance on VAT postponed accounting for imports (updated)
Lastest update released by HMRC
HMRC have just released updated guidance on the ‘postponed VAT accounting rules for imports’ coming in to effect from January 2021.
Check when you can account for import VAT on your VAT return:-
Complete your VAT return to account for import VAT:-
The update includes
- clarification of the postponed VAT accounting rules for Non-established taxable persons
- information about goods in customs special procedures and excise goods
- links to guidance on consignments not exceeding £135 in value
- key points on how to complete customs declarations when using postponed VAT accounting
- clarification on how to complete boxes on the VAT return including how to estimate VAT in the absence of a monthly statement.
They have also stated that when the service opens, they will publish a new page on GOV.UK
‘Get your postponed import VAT statement’ where importers will be able to access the statement service.
Statements will be published online in the first half of the month and will show the total import VAT postponed in the previous month.
The service will open when the Customs Declaration Service is launched more widely. Importers will be required to subscribe to the Customs Declaration Service if they have not already done so.
Further reading: Postponed VAT accounting
If you have any further questions on the changes coming in for Brexit, please contact us.