Brexit and the impact on Value Added Tax
INSIGHT ARTICLE |
With only a few weeks to go and no sign of an agreement between the United Kingdom (U.K.) and the European Union (E.U.), many tax authorities are gearing up for a “hard Brexit”.
A “hard Brexit” means a number of things, but critically it means customs-controlled borders, which introduces additional processes and procedures for businesses that move goods between the U.K. and the E.U. In the absence of any business planning to address this change, the movement of goods may be significantly delayed.
In this guide, you will find practical steps you can take between now and March 29 to improve your readiness for a hard Brexit. Read more to understand the effects on:
- Customs declarations on imports
- VAT registration requirements on inventory
- Reclaiming E.U. VAT
- VAT accounting and compliance