It has now been over 2 years since PIVA was introduced as a business-facilitation measure to help businesses cope with what otherwise could be significant cashflow problems when importing goods from EU suppliers in a post-Brexit world. As a reminder, from 1 January 2021 businesses could account for import VAT via their VAT returns for goods imported into Great Britain on an import-by-import basis from anywhere outside the UK. Whilst PIVA has been a welcome addition to the statute books, various problems are still being experienced by both HMRC and importers alike as they have attempted to introduce and familiarise themselves with the new arrangements. This article seeks to explain how PIVA works, highlight a number of common issues and problem areas and what can be done about them.
Source: claritastax.co.uk
