Simplified important VAT accounting (SIVA)

SIVA enables businesses to apply for a reduction to nil in the level of guarantee required to secure the deferment of the payment of import VAT due on imported goods. However, in the past, in order to qualify, businesses were required to have been registered for VAT for three years with a continuous trading history.

Following recent Tribunal Decisions, HMRC has reviewed its published authorisation criteria and following the review, it has been decided that with effect from 1st January 2015, HMRC may consider businesses with less than three years VAT registration and continuous trading history for SIVA authorisation where the granting of such authorisation poses no risk to the revenue.