Postponed VAT

Accounting
1

Hi, im just wondering if anyone may know the answer to a postponed VAT question,

i ship stock in from europe (through TNT) who deliver the goods to myself and then calculate any VAT/Duties after delivery has taken place. And with the new PVA rules they have up to 6 months to process the shipments once they arrive in the UK,

i have a VAT return due in a little over a week and for shipments between january and march out of around 25 shipments so far they have only processed around 8 of these.

I’ve tried asking my accountant the answer to this question but i cant seem to get a straight answer. For the shipments which currently have not been processed by TNT on quickfile they are set to automatically calculate the PVA vat (even for the ones which have not been processed by TNT yet) with ones which have been processed i just go into those transactions and manually adjust the VAT amount (usually only out by a couple of pounds compared to the quickfile amount calculated due to exchange rates)

when it comes to my return do i include the ones in which quickfile has calculated the VAT even though it may not be the exact correct total as it has not been entered into the customs system yet (i wont know until they are processed which is likely to be after this return is submitted) and then credit the invoice (due to quickfile locking it in place once a return is submitted) and re-create the invoice again with the correct PVA total / Date so its correctly adjusted for my next return or do i remove all the PVA vat quickfile has calculated so it does not enter my VAT return at all as TNT have not processed these shipments with HMRC yet,

thank you

2

Hi @stephenlawes

A very similar question was asked here: Postponed VAT Question You may find this answers your question

3

Thank you Beth, haha yes on looking i think that may have been me also, sorry for the extra question, i just am still unsure if for shipments which have not yet been processed (logged onto the HMRC Customs system with TNT) do i include the figure calculated by quickfile (box ticked for PVA) even though i do not know the exact figure yet and as in the previous post credit / re issue a new invoice as you very helpfully allowed me to understand.

or do i not include the figure at all as its yet to be processed into the HMRC system (i.e i change all the invoices i have ticked PVA for and set the VAT as Zero until TNT have processed the VAT)

i’m just a little worried about putting figures for PVA VAT on my return for around 15 shipments which have yet to be processed by TNT if i am not meant to as they have not been cleared by TNT (Customs yet) if its acceptable to still include them even though they have not been cleared then i will include them, i just wanted to be certain.

thank you

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You will need to download your monthly statements from HMRC which will show the amount of postponed import duty to include on your VAT return. Here’s the link Get your postponed import VAT statement - GOV.UK

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