Policy paper

Revenue and Customs Brief 3 (2022): postponed VAT accounting and businesses registered under the Flat Rate Scheme

This brief explains how businesses registered under the Flat Rate Scheme should account for import VAT using postponed VAT accounting from 1 June 2022.

• From: HM Revenue & Customs
• Published: 17 February 2022

Documents

Revenue and Customs Brief 3 (2022): postponed VAT accounting and businesses registered under the Flat Rate Scheme

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This brief explains that from 1 June 2022, businesses registered under the Flat Rate Scheme should no longer include imports accounted for under postponed VAT accounting within their flat rate turnover.

You should still complete a Flat Rate Scheme calculation and also record the VAT due on any imports. The value of import VAT should be included in box 1 on your VAT Return.

Published 17 February 2022