Attention UK Importers – Postponed VAT Accounting

Attention UK Importers – Postponed VAT Accounting

Postponed VAT Accounting

The UK Government have announced that from the 1st Jan 2021 they are introducing Postponed VAT Accounting (PVA). This means that UK Importers who qualify will be able to postpone payment of Import VAT.

So instead of the usual Pre Payment of goods prior to delivery and then reclaiming this back from HMRC. You can simply declare your Import VAT in your next VAT return with a reverse charge offset. You must be VAT registered to qualify but you do not need to be authorised to account for VAT on your VAT return.

All you need to do is authorise your Customs Broker or Agent making entries on your behalf with written confirmation that you want to use this system. If we do not have this Import VAT will be paid as usual.

Please send your written Authorisation to your Carry Cargo International account manager and include PVA as a reference and the following statement.

“We hereby authorise Carry Cargo International Ltd to utilise Postponed VAT Accounting (PVA) on our behalf . Our VAT no is ………” 

If you have any questions, please contact our team on +44 113 271 1555 or info@carrycargo.com. Further information is available on the UK Govt website or from your account manager.

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