Postponed VAT Accounting – PVA
If you import goods into the UK as importer of records for goods above GBP 135 import VAT has to be paid at the customs. It is possible to apply for Postponed VAT Account in order to avoid paying import VAT at the UK customs. PVA benefits your business by improving the cash flow. The VAT registered company needs to declare and to recover the import VAT in the same VAT return instead of paying the import VAT to HMRC and recover/deduct the paid import VAT in the VAT return.
In order to get your postponed import VAT statement, you will have to access the Customs Declaration Service (CDS).Get in touch