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Duty Deferment Accounts – Guarantee Waiver

On importation of goods into the UK, any relevant customs duties become due immediately at the time of import. If a business holds a Duty Deferment Account this becomes payable on the 15th of the month after the month of import – as a result, importers with a Duty Deferment Account can delay payment of customs duties by an average of 30 days. Import VAT incurred by VAT registered importers after 1st January 2021 will be declared via VAT return under postponed accounting.

A Guide to Alternative Dispute Resolution for VAT Claims

If you are involved in a dispute with HM Revenue & Customs (HMRC) over a VAT payment, the legal process involved can be time-consuming, costly and stressful. Here, the experts at The VAT People will outline the basic details of how ADR works in VAT dispute cases, as well as detailing some of the key benefits we have seen our clients achieve by engaging with this process.

Failure to Notify HMRC of Requirement to Register for UK VAT

In an effort to ensure that all UK businesses with a taxable turnover exceeding the VAT registration threshold are accounting for VAT on relevant supplies in line with their VAT obligations, HMRC have issued letters to those they believe are trading above the threshold but have not yet registered to ascertain whether retrospective action is required.

Overseas VAT Refund Scheme

Overseas businesses located outside the UK/EU incurring VAT in the UK can seek to recover this amount through the overseas VAT refund scheme where it has been incurred in the course of business.

EU VAT refund for UK businesses

UK businesses that have incurred input VAT in an EU Member State where they are not established and make no supplies are entitled to recover the VAT element of these costs by way of a cross-border refund scheme. Any potential applicant must satisfy conditions outlined by HMRC to be eligible for the scheme. Contact VAT People today for more info