Postponed VAT Accounting

MoneyWorks Manual

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GST, VAT, Sales Tax & Tax Codes
Postponed VAT Accounting

Postponed VAT Accounting (UK)

This is a scheme introduced on January 1st 2021. Also known as "Accounting for import VAT on your VAT Return", it means you’ll declare and recover import VAT on the same VAT Return, rather than having to pay it upfront and recover it later, thus easing your cashflow.

When you belong to the scheme you will be able to retrieve a Monthly postponed import VAT statement from HMRC as outlined in Get Your Postponed Import VAT Statement on the HMRC website. This needs to be entered into MoneyWorks.

Before you can do this, some additional setup is required:

Selling Prescribed Goods Special Tax Code