- The Import One Stop Shop (IOSS) and One Stop Shop (OSS) are VAT accounting schemes for Northern Ireland businesses.
- Businesses can choose to use these schemes or account for VAT through a normal VAT return.
- The IOSS will be amended to include sales within the UK, including sales between Great Britain and Northern Ireland.
- The penalties and interest regime for businesses using the IOSS and OSS schemes will align with the UK VAT penalties and interest regime.
- The regulations will come into force on 1 March 2024.
Source: taxscape.deloitte.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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