GMCC Bitesize Session - Postponed VAT Accounting for Imports


Date: 01/07/2021
Time: 12.00 - 12.45
Borough: Online
Contact Name: Export Britain
Contact Email: exportbritain@gmchamber.co.uk
Contact Telephone:

Part of a series of free Bitesize Sessions, this will provide a basic overview of the UK Border Control & NI Protocol

About this Event

As part of our commitment to support businesses in Greater Manchester to navigate their international trade journey, we are pleased to launch a free series of Bitesize Sessions which will take place fortnightly. The purpose of these sessions is to provide support and advice to businesses trading internationally during this time of change.

 

These sessions will provide an overview of a different topic each time including: general export and import processes, border controls, and export documentation, etc. There is a full list of upcoming sessions, however, please feel free to let us know what you’d like us to cover in future sessions when registering to attend.

 

1st July 2021 - Postponed VAT Accounting

Since the end of the Brexit transition period, VAT has become payable on imports coming into the UK from anywhere in the world including the EU.

The postponed VAT accounting system is an option offered to importers which aims to avoid the negative cash flow impact on businesses that are hit by this additional VAT bill and will help avoid having goods held in customs until the VAT is paid.

Postponed VAT accounting allows businesses to pay and recover the import VAT on the VAT Returns, as opposed to paying the import VAT in advance and then reclaiming it through a VAT Return.

 

This session will look over Postponed VAT Accounting including key new considerations for trading.

We will provide a basic overview of:

  • Exports and dispatches
  • Imports and acquisitions
  • Consignments valued at £135 or less
  • Postponed VAT accounting
  • PVA: Using someone to import goods on your behalf
  • PVA: Business/non-business imports
  • PVA: Completing the VAT return
  • Accessing the PVA statement
  • Guidance on GOV.UK

Book your place at our Upcoming Bitesize Sessions

If you have any questions about any of the above, please email exportbritain@gmchamber.co.uk


Registration deadline: 30/06/2021

PRICE:
NON MEMBERS £0.00 Excluding VAT
MEMBERS £0.00 Excluding VAT