Feb 25, 2022 · Postponed import VAT accounting (PIVA) allows business to declare and immediately recover import VAT in their regular VAT returns. The scheme was introduced in January 2021 as businesses importing from the EU would have suffered negative cash flows after Brexit and in absence of the Reverse Charge mechanism.

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Since 1 January 2021, HMRC has introduced postponed import VAT accounting (PIVA). This is different to deferring VAT (see below). Postponed VAT works by your courier selecting PIVA as the method of payment at import. No VAT is ever actually paid; instead the VAT is accounted for on your VAT return in Box 1 & Box 4.

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Dec 5, 2020 · The newest option is Postponed Import VAT Accounting (PIVA), starting from Jan 1st PIVA will allows businesses to account for import VAT on regular VAT returns. The benefit to cashflow is clear, so if this sounds like something that your business should consider, here is the IES guide to PIVA.

Mar 2, 2022 · The Postponed VAT Accounting (PIVA) system for imported goods was introduced on 1 January 2021 and allows VAT registered businesses to declare and, subject to the normal rules, reclaim import VAT on the same VAT return. This avoids VAT being paid to HMRC on import and the business having to reclaim through its VAT return, often months later ...

Feb 3, 2022 · Key features of Postponed Import VAT Accounting (PIVA) All UK VAT registered businesses can use PIVA – both UK businesses and foreign companies; No bank or financial guarantee needed; No need to obtain or use a duty or VAT deferment account; Sign up to the Customs Declaration Service (CDS) online just once

It has now been over 2 years since PIVA was introduced as a business-facilitation measure to help businesses cope with what otherwise could be significant cashflow problems when importing goods from EU suppliers in a post-Brexit world.

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Jan 1, 2021 · In this article we address some of the key questions around what the new regime means for businesses. What is PIVA? PIVA is a new method for Irish VAT registered businesses to account for VAT on imports of goods into Ireland from outside of the EU.