Businesses registered for VAT that import goods into the UK from anywhere in the world can use a new system called postponed VAT.
How does postponed VAT Accounting work?
If you import goods from anywhere outside GB (or possibly the UK depending on the final rules) after the end of the transition period, and those goods are for use in your business, you can use postponed VAT accounting to avoid the requirement to pay import VAT immediately upon the goods entering the UK (e.g. at the port of entry).
Postponed VAT Accounting & HMRC
In order to complete your VAT return for the accounting period which covers the date you imported the goods. You’ll need details of the imports to be included in the return. This will include:
- Any customs entries you have made in your own records
- Copies of your monthly postponed import VAT statement, when available.
Postponed Accounting for Import VAT made easy with Capium
To help you keep moving with the changes we have developed Postponed VAT Accounting in Capium. We’ll help you ensure your compliant in real-time while recovering VAT on goods imported to the UK quicker. Postponed VAT is live now and can be accessed by all our clients.
Staying up to date with the changes
We know 2020 was riddled with changes, but we’re here to keep you up to speed with all the developments. If you’re interested to find out how Capium can support you now book a free demo with our product specialist. If you’re interested to find out more of our services book a phone consultation today. Our support team is on hand to help you, if you have any further questions.