(Postponed Import VAT Accounting)
According to Q1 of 2021 figures from the ONS, the UK now imports more from China than it does from Germany, making it our top overseas supplier for the first time. A lot of this is probably down to the amount of PPE and face masks that we have purchased over these months, combined with a fall in new car sales due to the pandemic. It is still significant though as the changes in the data below shows.
If you have not purchased from outside of the EU before you may not be familiar with Import VAT. In this case I would urge you to look at PIVA. Essentially, after a simple registration you can avoid paying Import VAT at the border and instead account for it on your VAT return. A great help to cashflow!
Link to source data - https://lnkd.in/eH6iUNw