11th December 2020

In the run up to the end of the Brexit transitional period on 31 December, HMRC has announced the introduction of postponed accounting for import VAT from 1 January 2021.

HMRC has now published a note on how businesses are able to access their monthly postponed import VAT statement and account for import VAT on VAT returns. This can be accessed here.

The note from HMRC also helpfully includes a link for businesses to sign up to a Customs Declaration Service (‘CDS’) account now, in order to be ready to receive the import VAT statements in the new year.  The sign up process is relatively straight forward and takes about 5 minutes.  We would urge businesses affected by this to sign up for a CDS account sooner rather than later to avoid any delays, particularly as statements are only available for six months on the CDS account.

If you would like further guidance on this topic, please do not hesitate to contact one of our dedicated VAT specialists: Mark Hetherington, VAT Partner, on 0191 243 6073 or at markhetherington@unw.co.uk; or Ian Coulthard, VAT Senior Manager, on 0191 243 6017 or at iancoulthard@unw.co.uk.

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