Postponed VAT accounting – account for import VAT on the VAT Return

If applicable to your business you should act now so that you can benefit from postponed VAT accounting (PVA) if  VAT-registered and importing goods into:

• Great Britain (England, Scotland and Wales) from anywhere outside the UK ; 
• Northern Ireland from outside the UK and EU. 

PVA allows for the declaration and recovery of  import VAT on the same VAT Return, rather than having to pay it upfront and recover it later.

There is more guidance on how to:

check when you can account for import VAT on your VAT Return

complete your VAT Return to account for import VAT

Your business will not need approval to benefit from PVA, but will need to access the Customs Declaration Service (CDS) to view and download  monthly statements – in PDF format.

You would then need these statements to complete your  VAT Returns or to send them to whoever completes the VAT Return on your behalf.

Businesses should subscribe to the new service as soon as possible.

About the author

Andrew is the Operations & Business Advisory Director at Ward Williams Ltd having partner responsibility for a portfolio of owner managed business clients covering a wide spectrum of different industries, and which are primarily based around the Weybridge and Bracknell areas. He oversees the Business Services department processes for the timely delivery of year end accounts, tax compliance and company secretarial services.

He has extensive experience of providing accounting, VAT and business tax advice tailored to individual and corporate needs. Andrew can assist in identifying and delivering strategic tax planning solutions. As he acts for a number of property clients, this is one area of specialist interest. He also provides financial and accounting solutions to start-up's, owner managed enterprises and small groups.

Andrew’s primary goal is to provide a prompt and client focused service delivering tangible benefits through providing solutions to client problems and through identifying opportunities to assist in the growth and development of their business.