HMRC have also updated their guidance for VAT registered importers not using the Flat Rate Scheme:
Complete your VAT Return to account for import VAT – GOV.UK (www.gov.uk)
These traders must account for postponed import VAT on their VAT returns for the accounting period which covers the date they imported the goods. The normal rules apply for what VAT can be reclaimed as input tax and the trader’s monthly statement will contain the information to support their claim.
HMRC is aware of the problems some importers are having when trying to access their monthly VAT statements. If you cannot access your statement or you’re having problems when viewing your statement, you should follow the guidance on how to complete a VAT Return if you’re having problems with your monthly statements.
As long as you take reasonable care to follow the guidance, there should be no penalty for errors.
Whether you are in business as an individual or as a corporate, you will want to ensure that you pay no more tax than you are legally bound to do. Our experts at Beavis Morgan can ensure your tax affairs are as efficient as possible to fit your circumstances, and we can look ahead to retirement and inheritance tax planning.
For more information and to discuss your tax affairs in further detail, please contact your usual Beavis Morgan Partner or email info@beavismorgan.com