The idea
Why are non-EU imports subject to Output VAT cash collection at the date of supply while goods from EU countries have the notional VAT recorded both as Output and Input but crucially the trader does not suffer the loss of their funds?
Why is it important?
In the last 3 months HMRC have deducted £290,430.62 from our Company in respective of imports from non EU countries.
This has the effect of the company being forced to give an interest free loan to the goverment which is hugely unfair.