Brexit Alert: Postponed VAT Accounting and import VAT recovery from January 2021

In January 2021, the UK government introduced postponed import VAT accounting (PVA) for all imports of goods (from EU and non-EU countries). Businesses are urged to act now to take advantage of PVA wherever possible, ensuring they register to obtain the relevant evidence from HMRC to support the recovery of import VAT.

14 February 2021| CATEGORIES: Brexit, VAT

Freight at port

Brexit: Postponed import VAT accounting

From 1 January 2021 postponed accounting for import VAT will apply to all imports of goods, including from the EU. This will provide an important cashflow benefit to UK VAT registered businesses.

16 December 2020| CATEGORIES: Brexit, VAT


Brexit Alert: New UK VAT rules for imports in consignments up to £135

From January 2021, EU distance selling rules will no longer apply in the UK, low value consignment relief will be abolished and the collection of VAT on imports of goods from outside the UK in consignments not exceeding £135 in value will move from the point of importation to the point of sale.

1 December 2020| CATEGORIES: Brexit, VAT

The City, London

Brexit Alert: VAT recovery by financial services and insurance providers

Rishi Sunak, the UK Chancellor of the Exchequer, has announced that from 1 January 2021 UK businesses that provide certain financial and insurance services, known as specified supplies, to EU customers will be entitled to reclaim VAT on the costs related to providing those services.

20 November 2020| CATEGORIES: Brexit, VAT

Brexit - EU & UK flags

Brexit Alert: Exporting to the EU

From 1 January 2021, goods sent from GB to the EU will be treated as exports (rather than dispatches) and subject to customs formalities at both the GB and EU borders. Import VAT and customs duty will be payable where applicable by the party importing into the EU.

13 November 2020| CATEGORIES: Brexit, VAT

Brexit - NI

Brexit Alert: Moving goods under the Northern Ireland Protocol

After 31 December 2020, when the UK’s Brexit transition period expires, movements of goods between NI and the EU will be treated as intra-EU transactions, and movements of goods between NI and GB will be treated as imports and exports.

13 November 2020| CATEGORIES: Brexit, Northern Ireland, VAT


Brexit Alert: Distance selling

The Brexit transition period expires on 31 December 2020. After that date UK businesses will no longer benefit from EU VAT simplification measures, including distance selling arrangements.

10 November 2020| CATEGORIES: Brexit, e-Commerce, VAT


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