Problems with Postponed VAT Accounting Statements – HMRC News
HMRC have issued an update on what to do if you have systems problems accessing the PVA statement you will need to protect your VAT reclaims on imported goods.
It states the following:
“We are aware that some importers are having problems when trying to access statements to account for import VAT on VAT returns, particularly in March 2022. We are working urgently to resolve this issue and expect to have March statements available from Thursday 28 April.
You can estimate your import VAT figures for the months you cannot access statements for.
Your estimate should be as accurate as possible, based on the amount you’ve paid for the goods and any other costs you agreed to cover. For example:
Your estimate can include any customs duties due on the goods, but it does not have to do so.
Once you can access the service and get your statement, you’ll need to make an adjustment to reflect the difference from your estimate, and account for this on your next return.”
It’s a good example of needing to maintaining great staff VAT understanding of the issues that need to be addressed when Importing and Exporting – Luckily Centurion has an introductory VAT course running on exactly these basic rules on Tuesday 31st May – why not join us there? Book your place here
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 seek professional advice before acting on any of the news articles or information included.