The UK Government has confirmed Postponed VAT Accounting (PVA) will be introduced for all imports in 2021. IT means all global import VAT payments on goods being shipped into the UK will be deferred, meaning no adverse cash flow issues of paying VAT and waiting three months to claim input tax.
We at IMS are actively working with our clients in preparation, developing solutions to facilitate PVA processes and Making Tax Digital bridging solutions to enable effective reporting to HMRC. All solutions are compliant in line with the new PVA reporting requirements.
We also provide support with VAT audits, data cleansing and system implementations to help get you on track with all aspects of your digital tax procedures.
HMRC have also announced that the provision of Intrastat will remain, although requirements may change. Concerned about your readiness? Speak with IMS today