The UK Tax Authorities (HMRC) has issued new regulations for the Value Added Tax (Distance Selling) in 2024, specifically related to the OSS and IOSS schemes for Northern Ireland and the UK. Starting from 1st March 2024, businesses in the UK and Northern Ireland can register with HMRC for the VAT Import One Stop Shop to sell low-value goods from outside the EU and Northern Ireland to customers inside those regions. Previously, only businesses within the EU Member States could register for this scheme. Additionally, from 1st March 2024, Northern Ireland businesses using the IOSS scheme will have to declare UK VAT on sales of low-value goods to B2C customers in the UK in the regular UK VAT Return. The penalties and interest regime for businesses using the IOSS and OSS schemes will align with the regime introduced in the UK from 2023, where penalty points are issued to taxpayers who fail to file their UK VAT returns on time, leading to penalties once a threshold is reached.
Source Meridian
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