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Posted Fri, 26 Jan 2024 17:27:17 GMT by
I have an accounting question for HMRC's staff please. Can an auction house importing art and antiques that have been consigned to them for sale on the UK market, use postponed accounting for import VAT (chargeable at 5%) on their customs declaration? My question is framed in the context of a VAT registered auction house, referring to items being declared into free circulation on the UK market. In accordance with VAT Notice 701/12, there is no onward supply VAT chargeable on the sale of antiques. Thank you in advance.
Posted Thu, 01 Feb 2024 13:18:34 GMT by HMRC Admin 19

Postponed VAT accounting is available to importers of goods who are VAT registered. The VAT is declared in box 1 of the VAT return and box 4 as input tax if the importer is entitled to recover it. You can see guidance here:

Check when you can account for import VAT on your VAT Return

Thank you.

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