Postponed VAT Accounting

Did you know Import VAT from 1st Jan 2021 doesn't need to be paid upfront?

As of 1 January 2021 businesses registered for VAT that import goods into the UK from anywhere in the world can use a new system called postponed VAT Accounting (PVA). This lets you account for the VAT on your VAT Return, rather than paying it immediately.

This isn’t a difficult process, you don’t have to register, you just need to provide us with authorisation to declare your imports using PVA.

This will then separate any payable import VAT to your vat number which you account for within your VAT return and any duty payable, will be paid as normal using ours or your deferment account. If we don’t get authorisation your imports will be declared as we are currently and NOT via the PVA system.

Please note there are additional actions for the importer:

The Government guide for postponed VAT is here

And to gain access to your on line postponed VAT accounting statements apply here

This will need to be completed by a member of your company who has a government Gateway ID linked to the EORI used for the import, normally this would be someone within the accounts department.

For some companies this is causing a problem where no-one has the Gateway ID. If they have checked and no one has one  then one can be created the process for creating an ID starts here