- HMRC updated guidance on import VAT accounting for businesses using third parties to import goods.
- Applies to businesses using freight forwarders, customs agents, brokers, or express operators for UK imports.
- Importers must inform agents in writing if they want to use Postponed Import VAT Accounting (PIVA).
- Written confirmation is required before agents can proceed with import declarations.
- PIVA allows businesses to pay and reclaim import VAT on the same VAT return.
- Businesses must be VAT registered and have an EORI number to use PIVA.
- Industry standards require agents to obtain written instructions from importers.
- Businesses should review their files and ensure standing instructions are in place with agents.
- New importers should provide written instructions to agents, who can offer templates.
Source: saffery.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.
Latest Posts in "United Kingdom"
- Fintua Sponsors Indirect Taxes Annual Conference 2025 in London (Nov 12)
- HMRC Guidance: Guidance Check how to tell HMRC about VAT Return errors
- Essential Guide to VAT Refunds for DIY Housebuilders: What You Can and Cannot Claim
- Ed Miliband Hints at Possible VAT Cut on Energy Bills in Upcoming Autumn Budget
- Upper Tribunal Remits VAT Exemption Case for Cosmetic Treatments to First-tier Tribunal
