Postponed accounting system announced in case of no deal

HMRC has published guidance for VAT-registered business on how to account for import VAT on all goods brought into the UK should the UK leave the EU with no deal on 29 March.

In that case from 11pm GMT businesses will be able to account for import VAT on their VAT return rather than pay when or soon after the goods arrive at the UK border. This will apply to goods from both EU and non-EU countries and will help businesses currently moving goods into the UK from other EU member states to reduce any cash flow impacts after the UK leave the EU. Businesses or individuals who are not VAT registered in the UK will have to pay import VAT up front at the time of import.

HMRC also confirms that all businesses importing goods into the UK will need a UK economic operator registration and identification...