As the UK prepares to leave the European Union (EU) on 29th March 2019, all businesses are tasked with making essential plans for how they will carry out their operations after Brexit.
The VAT People has the expertise required to offer advice to your business on possible outcomes relating to VAT when Brexit takes place.Our team is made up of expert consultants who are constantly abreast of the latest developments regarding Brexit, despite the changing nature of the political landscape.
Contact us today to discuss your circumstances by calling 0161 477 6600 or fill out an online enquiry form and we will be in touch.
About Brexit and VAT Current VAT rules state that: VAT is payable on most goods and services sold within the UK and EU. VAT is payable by businesses when they bring goods into the UK. Rules relating to this are different depending on whether the goods come from an EU or a non-EU country. Goods that are exported by UK businesses to non-EU countries and EU businesses are zero-rated, meaning that UK VAT is not charged at the point of sale.
For services, the 'place of supply' rules determine the country in which you need to charge and account for VAT.Although the government has made assurances that a no-deal Brexit is highly unlikely, a report has been released on what would happen to businesses paying VAT in the event of such an outcome.It states that the UK will continue to have a VAT system after it leaves the EU.
The revenue that VAT provides is integral for funding public services, and the VAT rules relating to UK domestic transactions will continue to apply to businesses as they do now.In the event of a no-deal BrexitIf a no-deal Brexit is the outcome in March 2019, the government has assured that its aim will be to keep VAT procedures as close as possible to what they are now.
This will provide continuity and certainty for businesses. However, if the UK does leave the EU with no agreement, then there will be some specific changes to the VAT rules and procedures that apply to transactions between the UK and EU member states.Although the government has made assurances that a no-deal Brexit is unlikely, it recently released a collection of 25 papers supporting a partnership pack on a no-deal Brexit.
How we can helpThe VAT People can help you to plan for a no-deal Brexit by filtering through the mountains of information and guiding your business on how it will affect your VAT processes specifically.Contact us today by calling 0161 477 6600 or fill out an online enquiry form and we will be in touch at a time that is suitable for you.
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