When importing goods into the UK, locally VAT registered businesses have two options when it comes to accounting for any import VAT due.
Businesses can:
- defer immediate payment of import VAT by using postponed import VAT accounting (PIVA). Instead of paying the import VAT upfront at the border, the import VAT can be declared and also recovered on the VAT return relevant to the date of import. This should be undertaken by reference to the values found on the postponed import VAT accounting statement that the business will receive…
Source: Crowe
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