Northern Ireland IOSS Registration: Simplified VAT Accounting for Low Value Goods in EU and NI

• 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 now register for the IOSS with HMRC starting from 1 March 2024
• 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 in an EU member state
• VAT on sales of low value goods in Great Britain must be accounted for on the normal UK VAT return
• VAT on goods sold by an online marketplace 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.

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