Services VAT After Brexit: What We Know So Far
The Brexit deadline is fast approaching and each day seems to bring new speculation on whether the UK and the EU will actually come to an agreement or not. As it stands, both sides are calling on the other to compromise, and neither side seem particularly optimistic...
Daily News Round Up Dec 7th-11th
Daily News 7th December 2020 E-commerce News: JD.com To Accept China’s Digital Currency JD.com Inc has become the first ecommerce platform in China to accept the country’s homegrown digital currency. According to a post of the company’s official WeChat account, the...
SIVA: How To Use Simplified Import VAT Accounting
Essentially, SIVA enables a company or agent to operate a VAT and duty deferment account without a guarantee for the VAT element, therefore reducing the compliance cost to the business. The new Import VAT and Duty Deferral scheme is essentially an extension of the SIVA scheme that has made it more useful for life after Brexit.
Import VAT & Duty Deferral Scheme
The short answer is yes. Anyone who imports regularly into the UK will be eligible to apply for the scheme. The scheme will then allow you to defer the payments of customs duty, excise duty and import VAT.
You may need a financial guarantee in order to create an account. This guarantee is called a Customs Comprehensive Guarantee and you can apply for one here.
Daily News Round Up November 30th – December 4th
Daily News 30th November 2020 Logistics News: Government Approves Post-Brexit Lorry Site Plans for a lorry site in Essex for customs checks after Brexit have been approved. It is hope that the airfield will be ready for use by 1st of January, the end of the Brexit...
VAT Payment Deferral Scheme: What It Is & How To Use It
Due to the massive disruption suffered by all UK businesses through the months of March and June 2020 thanks to the pandemic, the government announced in March that they would defer the payments of VAT for these months, and instead would allow businesses to wait until...
New Northern Ireland VAT Rules Explained
There has been quite a lot of confusion surrounding the new VAT rules that will come into effect from January 1st 2021. This has mainly been due to the fact that Northern Ireland will have dual status, in the sense that the country will stay aligned with the EU VAT...
Daily News Round Up 23rd-27th November
Daily News 23rd November 2020 VAT News: Saudi Arabia To Review VAT Increase In July, Saudi Arabia decided to triple their value-added tax from 5% to 15% in reaction to the economic crisis caused by the pandemic. However, the minister of commerce has announced that...
Brexit: The Changes To The Sale Of Overseas Goods
The Border Operating Model, which was released in July, outlined major changes to the sale of overseas goods and sales through marketplaces. This was to ensure that non-UK businesses are treated in the same way as UK businesses, and also to improve the effectiveness of VAT collection and improve the customer experience.
UK Retail Sale Figures For October: E-commerce Surges
As regular readers of this blog will know, the pandemic has boosted e-commerce all over the world and in almost every sector. The UK’s retail sector is no exception. Many had predicted that the growth of retail sales would stall in October, but this did not turn out...
