Since 1 January 2021, we have been dealing with many client enquiries involving the post-Brexit VAT arrangements, both for UK businesses importing goods from the EU, and EU businesses selling goods to UK customers. Import VAT From 1 January, goods imported from the EU into Great Britain are subject to import VAT and customs declarations.
The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading. To help we have provided a brief summary below, but we highly recommend you seek additional advice. Import VAT Goods that move into the UK from the EU from
What VAT changes can you expect in January 2021 and why you need to act now. On 31 January 2020, the UK left the EU. The final departure date is 31 December 2020, when the BREXIT transition period comes to an end and VAT changes will take plan 1 January 2021. Your business must have
A survey of almost a thousand company directors by the Institute of Directors (IoD) has found that nearly a quarter of businesses are not prepared for Brexit and do not expect to be ready by the end of the transition period on 31 December 2020. A further 21 per cent said they were still not
Following a change in EU state aid rules, the Government has announced that it will expand the Coronavirus Business Interruption Loan Scheme (CBILS) to certain businesses classed as “undertakings in difficulty” – those with large losses and debts. The UK remains subject to EU state aid rules during the Brexit transition period. The change means
Client Question: “We are a product distribution company based in Europe and we want to know the implications of storing products in the UK after Brexit?” Ian Saunders: “There are two options available for a company incorporated outside the UK, you can either register under the UK permanent establishment regulations or you can incorporate
Businesses are urging Prime Minister Boris Johnson to begin negotiations on the terms of the UK’s future relationships with the European Union (EU) after Brexit. Following the Conservative victory in the election, businesses are urging the Prime Minister to follow up on his promise to ‘get Brexit done’ by ensuring the avoidance of a no-deal
According to research from accounting software platform Xero, a quarter of small business owners believe their company will go bust within the next five years. Four in 10 owners of small to medium-sized enterprises (SMEs) claim to be going through the most turbulent period they have ever experienced as a business owner. The study looked
Almost two in five small businesses in the UK are run by millennials, a major new study has revealed. The finding forms part of accountancy software Xero’s new research into business ownership and entrepreneurship across the nation. It found that despite “stereotypes of laziness and entitlement”, millennials are among the most ambitious demographic, effectively driving
With the UK currently set to leave the EU by the end of January 2020, anyone who owns a Spanish holiday home needs to be prepared for the impact of Brexit on taxation. Spanish tax law makes specific provision for EU/EEA residents that benefits people living in member states over others from outside the EU
According to the latest data from the British Retail Consortium (BRC), there were around 85,000 job losses in the retail sector in the past year. The release of the figures has prompted calls for the Government to overhaul its high street policies to ease the pressures faced by retail businesses. It is believed that factors
The new SME Finance Charter will ensure small and medium-sized enterprises (SMEs) have access to finance, it has been revealed. The Charter, launched this week, has been signed by top business banks and associations including the British Business Bank, UK Finance, HSBC, Lloyds and Santander. Under the commitment, members have pledged to support SME customers
Effective 1 January 2021, all EU citizens (excluding Irish citizens) no longer have the automatic right to work in the UK. European nationals and their families who arrived in the UK before 31 December 2020 must apply for the EU Settlement Scheme (EUSS) by 30 June to continue living and working in the UK. Individuals
Edmund Henning, Finance Director, Flame Distribution Ltd
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