Blog | VAT Will Still Be With Us Whether It`s A Brexit Deal Or No Deal
VAT Will Still Be With Us Whether It`s A Brexit Deal Or No Deal
Thursday, August 30th 2018 4:44pm
There has been a lot of talk over the last few weeks about the possibility of the UK being unable to broker a deal with the European Union for when they finally leave next year, although recent indications do seem to show that a deal could be closer now than it has been for some while.
But whether there is a Brexit deal or a no deal there is very little doubt that VAT is here to stay as it is far too valuable for HMRC to let it go. The Department for Exiting the European Union has issued a number of guidelines giving details on what is likely to happen if it does come to pass that there is no deal and some of these details concern VAT and how Brexit will affect businesses.
The main headlines of these guidelines concerning VAT, as published on the Business Advice website are as follows:
The UK will continue to have a VAT system after it leaves the EU
Businesses will need to apply the same customs rules to goods moving between the EU and the UK as they would for the rest of the world
Postponed accounting for import VAT will be applied on goods coming into the UK
VAT will be payable on goods entering the UK as parcels sent by overseas businesses (currently true for parcels from outside the EU). For parcels worth up to £135, a technology-based solution will be applied where overseas businesses register with HMRC in order to pay VAT
The UK will cease to be a member of EU VAT IT systems including the VAT Mini One Stop Shop.
Confidence In Goods & Services
When the UK leaves the EU it is vital that confidence and trust in all the goods and services from this country are maintained so that businesses will be affected as little as possible by the changes.
If you own a business and you would like any advice on your business and how it will be affected by Brexit please give us a call for a chat in the first instance on 028 3752 2909 and we will be glad to assist you.
028 3752 2909
56 Upper English Street Armagh
Phone: 028 3752 2909
By Fax: 028 3752 4567
MAKING TAX DIGITAL WORKSHOPS (MTD): We are holding a series of workshops in our office on Tues & Thurs during Nov & Dec to help explain MTD changes & how to prepare for them. To book onto one of these workshops please give our office a call on 028 3752 2909