The government has announced that a system of postponed accounting (with VAT declared/recovered via the VAT return and not physically paid at the point of import) will be introduced for all goods imported into the UK by VAT registered businesses from 1 January 2021.
The VAT registration and deregistration thresholds will not change for 2 years from 1 April 2020.
The taxable turnover threshold which determines whether a person must be registered for VAT, will remain at £85,000.The taxable turnover threshold which determines whether a person may apply for deregistration will remain at £83,000.
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