Postponed VAT Accounting (PVA) is being introduced from 1 January 2021 for all imports of goods. This means that UK VAT registered traders will be able to account for the import VAT on goods imported into the UK on their VAT returns and pay and recover import VAT on the same VAT return. This measure will apply to goods imported from all countries, both EU and non-EU.
By now, HMRC should have communicated to all UK VAT-Registered Businesses to explain the changes and give you guidance on what you need to do. More information can be found here: https://www.gov.uk/transition
Pegasus have also put together some very useful documents which are available from the Pegasus Support Team.
If we could ask that you please let us know if you need to comply with the new rules and wish to use Postponed VAT Accounting so that we, as your software provider, can ensure that we can prepare and arrange with you for any necessary software upgrades that are required.
The above video is available to give you further insight into the changes.
If you need to use postponed VAT accounting, please contact us to discuss this further on 01724 400301 or email pegasus@hbp-group.co.uk .