As of Jan 1, 2021, businesses will be able to account for import VAT on their VAT Return for goods imported from anywhere in the world. Import VAT will be declared and recovered on the same VAT Return (postponed accounting), rather than businesses having to pay the VAT upfront and recover it later.
- Box 1: Include the VAT due in this period on imports accounted for through postponed VAT accounting.
- Box 4: Include the VAT reclaimed in this period on imports accounted for through postponed VAT accounting.
- Box 7: Include the total value of all imports of goods included on your online monthly statement, excluding any VAT.
Complete your VAT Return to account for import VAT
Check when you can account for import VAT on your VAT Return from 1 January 2021
Latest Posts in "United Kingdom"
- Recent HMRC Updates: VAT Export Rules, Reverse Charge for EV Charging, and New Customs Handbooks
- VAT Recovery on Fuel Costs: Methods, RFSC Application, and Mileage Claims Explained
- Tim Martin Urges United Pub Campaign for Lower VAT to Prevent Widespread Closures
- Claiming VAT Input Tax Without a VAT Invoice: HMRC Guidance on Alternative Evidence and Special Cases
- VAT Refunds for Great British Nuclear: 2026 Order Explained
