Articles24 Nov 2022
Autumn Statement – Duty Tariffs
Temporarily suspension on duty tariffs on over 100 types of goods imported to UK
Articles
HMRC releases new guidance on VAT
Since publishing this blog further guidance has been released by HMRC (11 December).
Please click here to read the updated information.
This week HMRC published guidance for the new postponed VAT accounting rules for imports into the UK from EU and non-EU countries.
The new guidance identifies that taxpayers do not need to apply for the postponed VAT accounting scheme.
Instead import VAT will be accounted for on the VAT returns of your business in certain circumstances, where:-
Your business will not be able to account for import VAT on the VAT return if is it is authorised to use simplified declarations for imports and complete the simplified frontier declaration before January 2021.
Where import VAT is included on your VAT returns, it should be done so as follows:-
Box 1 – Include the VAT due in this period on imports accounted for through postponed VAT accounting.
Box 4 – Include the VAT reclaimed in this period on imports accounted for through postponed VAT accounting.
Box 7 – Include the total value of all imports of goods included on your online monthly statement, excluding any VAT.
Please click here to read the latest update from HMRC.
If you have any questions on VAT please do contact us
More & Other Musings
View all related contentArticles24 Nov 2022
Temporarily suspension on duty tariffs on over 100 types of goods imported to UK
Articles1 Sep 2022
Helping you to be compliant with UK tax rules
Articles4 Jan 2022
Full customs declarations for all goods arriving to the UK from the EU
Articles17 Dec 2021
The DIT announce a trade deal with Australia
Guides & Publications14 Dec 2021
Having now fully exited from the European Union, the UK continues to be an attractive location to site an international holding company since not only does it offer a relatively stable legal, political and economic system it also has an attractive tax regime in its own right and extensive tax treaty network with the rest of the world