Q&A Brexit Archives

How is import VAT paid by postponed accounting recovered?

by Lana Johnson | Feb 7, 2021 | Q&A Brexit, Questions&Answers

Import VAT is recovered through VAT returns. Complete Box 4 of the return. The evidence to support your claim should be retained, although it is not clearly indicated in the HMRC website. You can check the amount of postponed VAT in your VAT statement for the previous...

How is VAT accounted for if postponed accounting for import VAT is used?

by Lana Johnson | Feb 7, 2021 | Q&A Brexit, Questions&Answers

If using postponed VAT accounting, it is declared in Box 1 of your VAT return in the return of the month of import. If the goods go through special procedure, the VAT is declared in the month when the goods leave the special procedure. See the link for more...

Do I have to use postponed accounting when importing into the UK and do I have to pay import VAT at the same time?

by Lana Johnson | Feb 7, 2021 | Q&A Brexit, Questions&Answers

When importing into the UK, importers can use a mixture of payment types: at the point of import, postponed accounting and deferment account. Import declaration will show the way in which import VAT is paid. The postponed accounting is compulsory only if the deferred...

How do I determine the origin of goods for customs purposes?

by Lana Johnson | Feb 7, 2021 | Q&A Brexit, Questions&Answers

You may need help from specialists to determine the origin of goods and avoid being extra-charges at the customs. Check HMRC’s guidance on checking goods.

How do I deal with VAT returns that cover the period both before and after 1 January 2021?

by Lana Johnson | Feb 7, 2021 | Q&A Brexit, Questions&Answers

If the VAT return cover both before and after Brexit periods, use pre-Brexit rules for the months before 1st of January 2021, and post-Brexit rules for transactions from 01st of January 2021.

How is import VAT paid by postponed accounting recovered?

How is VAT accounted for if postponed accounting for import VAT is used?

Do I have to use postponed accounting when importing into the UK and do I have to pay import VAT at the same time?

How do I determine the origin of goods for customs purposes?

How do I deal with VAT returns that cover the period both before and after 1 January 2021?

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