Useful Information

Postponed VAT Accounting (PVA) – What is it and how does PVA work

The information below has just arrived in our inbox from HMRC and provides a useful question and answer format on typical issues around Postponed VAT Accounting so it made sense to share it on our news pages.

Extract from HMRC Information Email:

“Adapting to the new rules for trading with the EU can be daunting but we’re here to help you. Customers are telling us that using Postponed VAT Accounting (PVA) is an area that they need help with, so the below is focused on how PVA works. Accounting for import VAT on your VAT return (also called Postponed VAT Accounting) means you’ll account for and recover import VAT on the same VAT return, rather than having to pay it upfront and recover it later.

In this part you’ll find out about the steps that you can take to make sure you benefit when you’re importing goods into Great Britain or Northern Ireland, from any country. We’ll tell you: About PVA How to tell HMRC that you want to use PVA How to complete your VAT return when using PVA How to get the statement that you will need to complete your VAT return Where to find help and support