- The Import One Stop Shop (IOSS) is a simplified VAT accounting scheme for Northern Ireland businesses
- It allows businesses to report and pay VAT on goods valued at £135 or less that are imported into the EU or Northern Ireland
- Northern Irish businesses can currently only register for the IOSS in an EU member state, but will be able to register with HMRC from 1 March 2024
- The Finance Act 2021 and relevant regulations bring the legislation into force
- HMRC has published guidance on registration, returns, and payment for the IOSS
- Businesses can only register for one IOSS scheme and must cancel any existing registration before registering for the Northern Ireland scheme
- VAT on sales of low value goods in Great Britain must be accounted for on the normal UK VAT return, while VAT on goods sold by online marketplaces will be accounted for by the marketplace.
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.
