Postponed VAT Accounting (PVA)
Bookkeeping Today supports Postponed VAT Accounting in the UK. Let us know if you need it in another country.
The Postponed VAT Accounting system in the UK and Europe lets an importer avoid the payment of import VAT at the point of entry, instead paying the VAT when they submit their VAT Return, and reclaiming it at the same time, effectively cancelling out the VAT.
Postponed VAT Accounting involves additional paperwork for importers, but can improve cash-flow significantly.
For more information on Postponed VAT, consult your accountant, or check the information from HMRC or your local tax authority.