Brace for Brexit 21: Preparing for postponed VAT accounting
Businesses must take two preliminary steps before they can use postponed accounting to delay payment of import VAT. New HMRC guidance explains what importers must do.
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Hi,
Thank you very much for your article.
I wanted to ask: what happens when you are self-employed, and you are not VAT registered (because you are under the threshold). Do you have to register for VAT now if you are importing goods from the EU?
I am importing bottled olive oil (zero-rated VAT) that comes from Spain. Would I be able to pay VAT when doing the import (should be 0 pounds if it´s zero-rated) and continue without registering for VAT?
I also sell in the EU, but I ship directly from Spain to the customer, not leaving the EU. Would that transaction be VAT exempt for me if I don´t own the stock at any time?
Regards