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(Picture credit Shutterstock)Brexit will add another layer of complexity to taxation issues for international trade, which is already complex and prone to change. Understanding the impact of Brexit on your company’s tax and VAT position is mission-critical.
In a no deal scenario the current rules for imports from non-EU countries will also apply to imports from the EU. If the UK leaves the EU without an agreement, the government will introduce postponed accounting for import VAT on goods brought into the UK.
The EU provides information on all relevant taxes from Company Tax, Individual Tax, Tariffs and VAT.
TAX AND VAT LINKS
HMG has provided these updates on required VAT rules and processes
www.gov.uk/guidance/pay-vat-when-you-sell-digital-services-to-eu-customers-after-brexit
www.gov.uk/guidance/claim-vat-refunds-from-eu-countries-after-brexit
HMRC provide guidance on VAT for businesses
https://www.gov.uk/topic/business-tax/vat
Further guidance on the measures that need to be adopted for selling goods and services into the EU can be accessed via the EU website
europa.eu/youreurope/business/taxation/vat/vat-rules-rates/index_en.htm
Notices have already been issued with respect to the UK’s withdrawal from the EU and its potential impact on EU business
ec.europa.eu/taxation_customs/index_en
BDO provides helpful introductory materials on tax issues post-Brexit
