What is Simplified Import VAT Accounting and how can I become approved?
Simplified Import VAT Accounting (SIVA) is a scheme that allows you to reduce the level of financial guarantee required to operate a duty deferment account for VAT. To take advantage of this trade scheme, you need to apply for SIVA and obtain authorisation for reduced security approval. You can apply for SIVA by downloading the application form from the HM Revenue & Customs (HMRC) website and sending a completed copy to HMRC. Find the SIVA application form on the HMRC website – Opens in a new window. HMRC undertakes to issue an approval decision within 30 days of application. However, if it is unable to issue a decision within this period, traders are issued with an interim acknowledgment of their application. This tells you if you have been approved. If you are approved, you also receive guidance on the changes you need to make to your deferment account. Find out what to do after being approved for SIVA on the HMRC website – Opens in a new window. If you’re an agent you can also apply
