- Businesses in Northern Ireland can now register for the VAT import one stop shop scheme
- The scheme allows businesses to account for VAT on goods sold to consumers in the EU or Northern Ireland
- From 1 March 2024, businesses in Northern Ireland or Norway selling low-value goods imported from outside the EU can register with HMRC for IOSS
- IOSS simplifies VAT reporting for businesses
- IOSS allows businesses to account for EU VAT on imported low value goods through one registration
- Businesses must charge customers VAT at the rate of the destination country
- Only businesses in Northern Ireland or countries with VAT agreements with the EU can register for IOSS
- Businesses must be registered for UK VAT to register for IOSS in Northern Ireland
- Businesses can only have one IOSS registration
- Businesses must submit a monthly return for VAT due on eligible imports of low value goods
- VAT on sales of goods located in Great Britain at the point of sale to consumers in Northern Ireland must be reported on the UK VAT return
Source: icaew.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
