VAT On Services: HMRC Gives Clarity
Regular readers of this blog, or those who are closely following the communications of the HMRC, will be aware that there has been a lot of uncertainty around how one might account for VAT on services after Brexit. Whilst we did a previous article that speculated how...
Working From Home Tax Relief
In October of last year, the government introduced a new tax relief scheme for those who were being forced to work at home due to the coronavirus in the hope of alleviating some of the added financial costs the individual would incur on their bills (electricity and...
The UK Trader Scheme: The Latest HMRC Scheme
The Brexit transition period comes to an end on January 1st 2021. As regular readers of this blog will know, Northern Ireland will enjoy the dual-status of being part of both the UK customs regime and the EU’s. This means that tariffs will only be in place on goods...
VAT Representatives Explained: Expand Your Business
From 2018, the HMRC began to gradually implement the joint and several liability policy of a VAT representative, and strengthened VAT collection efforts and measures to overseas online selling traders. Recently, some sellers have received inquiries about "appointing...
Daily News Round up 14th-18th
Daily News 14th December 2020 E-commerce News: Primark Reject E-commerce Claims Paul Marchant, CEO of Primark, disputes claims that consumers are shifting permanently to online shopping amidst the coronavirus pandemic. He calls the claims ‘wrong and naïve’. He went on...
What Brexit Means For The Future Of Ecommerce
Brexit will affect countless industries, but perhaps none more so than ecommerce. Previously, the UK’s member status in the EU ensured the free movement of goods between the UK and the rest of Europe. Unfortunately for ecommerce sellers in the UK and the EU, this is...
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.
