VAT Postponed accounting

From 1 January 2021 postponed accounting for VAT will apply to all imports of goods, including from the EU. This will mean that VAT payments will not be required to pay at the time of importation and instead will be deferred and will instead be paid when completing box 2 of your VAT returns.

 

This will provide an important boost post-Brexit to those VAT registered UK businesses which are integrated in international supply chains as they make changes in order to adapt to the UK’s independent trading nation stance. This will also look to improve the UK’s economy as it draws closer to the Brexit deadline. VPA will only be available to VAT-registered businesses so it is important to ensure that you have a valid VAT number in preparation for this change.

 

CCT have an experienced and diligent customs clearance and compliance team ready to assist our customers with any changes such as this, should you have any questions please do not hesitate to contact our head office and ask for the customs clearance and compliance team here