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Postponed VAT Accounting 2021

In this week’s Annual Budget, the government has confirmed UK Import Postponed VAT Accounting (PVA) is to be introduced for all imports on 1st January 2021.

The government wants to make the most of the opportunity of leaving the EU to make our VAT and excise system more business-friendly, while continuing to recognise the significant contribution of VAT and excise towards the public finances. The Budget meets the government’s commitment to review the alcohol duty regime to ensure it works for UK producers and consumers.

Postponed VAT accounting will also change the time when import VAT is due to HMRC, providing an important cash flow advantage to businesses across the country that are integrated in international supply chains as they adapt to the UK’s position as an independent trading nation

VAT Postponed Accounting – From 1 January 2021 postponed accounting for VAT will apply to all imports of goods, including from the EU. This will provide an important boost to those VAT registered UK businesses which are integrated in international supply chains as they adapt to the UK’s position as an independent trading nation.

More information will be sent regarding this once we have an update from the Government.

If you require any further assistance regarding this then please do not hesitate to contact us.

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MIES International Limited • Registered in England No.1261687 •Registered Office: Unit C, Norman Court, Ivanhoe Business park, Ashby de la Zouch, Leicestershire, LE65 2UZ. BIFA Member No 953 | AEO Certification No UKAEOC00096/09. All business of the company is transacted strictly in accordance with our Standard Trading Conditions of the British International Freight Association (BIFA). These conditions contain limitations and exclusions and copies of these can be provided upon request as applicable. All trading conditions are the current edition thereof.

MIES Is an Employee-Owned Company

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