HMRC publish guidance on Accounting for import VAT
Released 06 March 2019
HMRC have published new guidance on Accounting for import VAT on all goods brought into the UK in the event of a no deal Brexit.
Accounting for import VAT provides guidance for VAT-registered business on how to account for import VAT on all goods brought into the UK if the UK leaves the EU with no deal. Businesses registered for VAT in the UK will be able to account for import VAT on their VAT return rather than pay when, or soon after, the goods arrive at the UK border. This will apply to goods from both EU and non-EU countries and will help businesses currently moving goods into the UK from other EU member states to reduce any cash flow impacts after the UK leave the EU. Businesses or individuals who are not VAT registered in the UK will not be able to account for import VAT in this way. They’ll need to pay import VAT up front at the time of import. From 29 March 2019, all businesses importing goods into the UK will need a UK Economic Operator Registration and Identification (EORI) number (see further at https://www.gov.uk/eori).
View the guidance at Accounting for import VAT.