Value Added Tax Act 1994 section 73

Accounting for VAT and payment of VAT (Schedule 11)

Section 73 deals with the reporting requirements for transactions involving the movement of goods between Northern Ireland and EU member States, and with the notification and payment obligations arising from certain acquisitions by non-taxable persons.

• Taxable persons must submit statements to HMRC detailing transactions involving the movement of goods between Northern Ireland and EU member States, or between member States, at specified times and in specified formats.
• Penalties for inaccurate or missing statements apply in the same way as they do for reverse charge statements under section 55A of the Act.
• Non-taxable persons who acquire excise goods or new means of transport in Northern Ireland from a member State must notify HMRC and pay any VAT due, even though they are not VAT-registered.
• Regulations may specify when invoices relating to Northern Ireland goods movements are treated as issued, and may limit the VAT accounted for to the value shown on the invoice.