Postponed import VAT accounting Factsheet - PKF Francis Clark
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Postponed import VAT accounting Factsheet

Pre 1 January 2021 there are special rules when a UK VAT registered business purchases goods from an EU business (an acquisition). From the 1 January 2021 acquisitions become imports. Existing rules would require import VAT and duty to be paid (or deferred using a deferment account) before the goods can be released for free circulation.

This factsheet answers some key questions including:

  • What is postponed import VAT accounting?
  • How to use postponed import VAT accounting
  • Interaction with deferring declarations
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