Postponed VAT accounting for imported goods
As of January 1st 2021, VAT registered businesses that import goods into the UK can use a new system called postponed VAT accounting. This allows businesses to account for the import VAT on their VAT Return instead of paying it immediately upon entry to the UK.
Now that the UK has left the EU, VAT is due on imports from anywhere in the world if the value of the goods is over £135 (commercial goods threshold). This article outlines what postponed VAT accounting is, who can use it, and how it will look on your VAT Return.