Also in the news...
Foreign travel advice Indonesia
FCDO advises against all travel to parts of Indonesia.
Foreign travel advice Romania
Warnings and insurance Still current at: 24 April 2024 Updated: 23 April 2024 Latest update: Information related to drug offences and Romanian music festivals (under 'Laws and cultural differences' subheading on the 'Safety and security' page).
Foreign travel advice The Gambia
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Ferry services between Banjul and Barra have been suspended until further notice; The Islamic Summit of the OIC (Organisation of Islamic Cooperation) will be held in Banjul on 4-5 May; road closures and delays at Banjul International Airport ('Safety and security' page).
Foreign travel advice China
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Updated information on flooding (‘Safety and security’ page).
Guidance Living in South Korea
Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.
Notice SIVA1: Simplified Import VAT Accounting
SIVA allows you to reduce the level of financial guarantee needed to run a duty deferment account for VAT purposes.
1.Introduction
1.What is SIVA?
SIVA is a scheme that allows you to reduce the level of financial guarantee required to operate a duty deferment account for VAT purposes.
The objective of this scheme is to provide compliance cost savings for legitimate businesses by reducing the level of financial security required to guarantee the payments of import VAT.
Specifically, authorised traders will be able to apply to reduce the level of financial guarantee required to operate a duty deferment account for VAT purposes only. This may mean that the cost of having a guarantee will be reduced.
To qualify you must:
- be the holder of a live Deferment Account or intend to apply for one, and
- meet all the requirements set out in the approval criteria (see section 3)
2. SIVA overview
2.1 How do I get approval?
To take advantage of this scheme and obtain authorisation for reduced security approval, you need to first check that you meet the criteria. You should then apply for SIVA by completing and returning the application form SIVAApplication form ( SIVA1)
We undertake to issue an approval decision within 120 days of application. However, if we are unable to issue a decision within this period, you will be issued with an interim acknowledgement of your application. If you’re approved, you also receive guidance on the changes you need to make to your deferment account.
Access to the SIVA scheme is open to all traders who meet the SIVA approval criteria.
If you’re an agent you can also apply for SIVA approval (see section 5).
2. How much import VAT can I defer?
Successful applicants will be granted authority to operate a 0% guarantee for import VAT purposes only.
We will determine what level of security is required for your deferment account and the maximum amount that may be deferred in any one month. The maximum amount will be based on current or anticipated liabilities.
Please note: Any trader who is approved for reduced security for import VAT will continue to have a deferment account limit which must not be exceeded when deferring charges over a calendar month. The deferment account limit will reflect your current usage of duty deferment, which will typically reflect your current guarantee level.
You will still be required to provide a guarantee to cover other duty liabilities (for example, 100% customs, 100% excise – subject to excise partial security rules).