From 1 January 2021, VAT-registered businesses that import goods into the UK will be able to take advantage of the new postponed VAT system. Importers can potentially use the postponed VAT system to improve cash flow. Here’s what you need to know. VAT on goods imported into the UK has often been payable at the point of entry. By taking advantage of postponed VAT, businesses will be able to opt instead to account for the VAT on their VAT return. By so doing, they can potentially gain a cash flow advantage. Of course, postponed VAT is just one element of the overall VAT framework. Businesses should consult an expert to find out how to leverage VAT regulations to optimise overall cash flow more effectively.
Source: vatglobal.com
Latest Posts in "United Kingdom"
- Understanding VAT: How It Works, Its Impact, and Options for Reform in the UK
- UK Tribunal Rules Locum Doctor Supplies via Agencies Are VAT Exempt for NHS Trusts
- VAT Rules for Workwear, Uniforms, and Staff Clothing: What Businesses Need to Know
- Understanding E-Invoicing: Benefits, Challenges, and the Future for UK Businesses and Government
- How Overseas Businesses Can Reclaim UK VAT: Eligibility, Deadlines, and Key Conditions
