Import VAT – Exclusion from HMRC Deferral Scheme
As noted in prior newsbytes and in our VAT video update – Import VAT payments have not been included in the Deferral scheme. However, that is not to say that the matter is not being raised by us and others to bring this to the attention of HM Government. Options being suggested also include:
- The early introduction of the Postponed VAT Accounting scheme which is due in on the 1st Jan 2021 to assist in the Brexit transition,
- An extension in the payment terms, for Duty Deferment Account Holders from the 15th of the month following importation starting from the 15th April
- For non-Duty Deferment Account holders, the return to the idea of allowing temporary Duty Deferment accounts to be set up for them – which was an idea mooted under the Hard Brexit plans but then withdrawn once a withdrawal agreement was signed.
Another aspect we will update you on as we hear news.
For the avoidance of doubt, the content recorded in this news article does not constitute formal advice and we do not guarantee the accuracy of any information provided at the time of reading. It is always recommended that you should seek professional advice before acting on any of the news articles or information included.