Postponed VAT accounting

HMRC has published new guidance Check when you can account for import VAT on your VAT return for businesses on using postponed VAT accounting after the end of the Brexit transition period. From 1 January 2021, UK VAT-registered businesses will, in some circumstances, be able to account for import VAT on their VAT return for goods imported from anywhere in the world, meaning that the business can declare and recover import VAT on the same VAT return, rather than having to pay it up front and recover it later. Guidance has also been published on how to complete a VAT return for businesses using postponed VAT accounting after the end of transition.