The pandemic has made our lives difference with some business owners having been disadvantages as they used dividends as a profit extraction. The article will shed some light on how to extract profits from your company most efficiently and avoid being disadvantaged in...
You can delay your customs declarations until the 1st of July 2021 if you are importing non-controlled goods. You can delay making your declarations to HMRC up to 175 days after you import your goods into the UK. If you choose to do so, it is important to make a...
The postponed VAT account is available to all businesses with UK VAT registration. Non-resident sellers require a guarantee.
A Fiscal Representative is a special type of VAT agent for foreign businesses with a VAT registration in another country. They are responsible for the correct calculation and reporting of VAT of their client and are the first point of call for the local tax office in...
You should establish when the goods are physically located. If they physically move between the UK and the EU, they are treated as export/import. If they physically move between Northern Ireland and the EU, they are treated as intra-community movements. In such case...
It may be appropriate to entre such goods into inward processing procedure. See the link for more details how to reduce VAT or duty on imports.
Importers can recover their VAT via Box 4 in case: Normal conditions of recovery have been met. The imported goods are owned by the importer. The importer has got evidence to support their claim. This can be in the form of C79 which is normally sent to the importer...
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...
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 information.
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...