Brexit impact on VAT and other taxes

Businesses qualifying for a grant under the Brexit Support Fund only have until 30 June 2021 to apply and may not succeed if the £20m fund runs out before the deadline.

Small and medium-sized UK businesses needing support on customs duties and VAT will be able to apply to the SME Brexit Fund for a grant of up £2,000 to pay for professional advice or training, confirms HMRC.

24 February 2021: This month’s top technical stories on ICAEW Insights include updates on self assessment penalties, IR35 changes and a major change to the government’s Kickstart Scheme.

16 February 2021: UPS’s Walter Van Der Meiren, who spoke at an ICAEW webinar last week, explains the main issues post-Brexit and how the EU and UK governments could ease them.

Highlights from the broader tax news week ending 3 February, which includes: a restrained Scottish Budget in light of the coronavirus pandemic and HMRC publishes a Brexit edition of its Agent Update with guidance on postponed VAT accounting.

29 January 2021: This month’s top technical stories on ICAEW Insights include HMRC’s decision to waive late filing penalties for one month, help with common COVID-19 accounting and auditing issues, and a raft of Brexit news and guidance.

27 January 2021: At ICAEW’s East of England Summit, a panel of experts discussed what might happen once the transition period ended, with topics ranging from Rules of Origin, Delivered Duty Paid terms and VAT changes.

20 January: UK businesses that have supplied eligible digital and telecommunication services into the EU since 1 January 2021 have three weeks to apply for the non-union VAT mini one stop shop. ICAEW’s Tax Faculty provides an overview.

Read the guidance to understand the chapter Trade In Goods from the UK-EU Trade and Cooperation Agreement.

ICAEW guidance to help accountants and businesses understand how the UK’s VAT rules are changing from 1 January 2021.

Read our quick-start guide, outlining a variety of areas that could impact your business post Brexit.

The UK government and the European Commission (EC) have published guidance to help citizens and businesses understand the potential implications of the UK leaving the EU. This overview, part of ICAEW's Know-How series, helps you navigate through this guidance. Government guidance is expected to continue to evolve.

Much Brexit guidance is concerned mainly with trade in goods, but there are a variety of other areas of EU law that also affect business. Our Know-how guides gives you a framework to understand these implications. It will be particularly relevant for services businesses seeking to assess how they are impacted.

The Taxation (Cross-border Trade) Act 2018 received Royal Assent on 13 September 2018. The Act seeks to replace the current EU Union Customs Code and amend current UK VAT and excise duty laws in connection with the withdrawal of the UK from the EU.

This webinar from the Tax Faculty will help if you or your clients have transactions with Europe. Watch the webinar to discover the likely future shape of disclosure requirements for UK advisers and their clients.

This webinar will cover some of the practical points that businesses and their advisors should be aware of in relation to goods moving between the UK and EU.

This webinar, in partnership with MHA MacInytre Hudson, explores export supply chain scenarios and highlights areas that UK businesses must consider as part of their Brexit planning to avoid unnecessary delays or compliance failures. It covers INCOTERMS for reviewing contracts, options for minimising customs duties, and labelling requirements.

HMRC tax information and impact notes (TIINs) on tax policy changes relating to EU exit. TIINs give an explanation of the policy objective and details of the tax impact.

HMRC collection of EU Exit legislation including Statutory Instruments, tariff Statutory Instruments and reference documents, and customs notices that have the force of law.

Guidance on the VAT treatment of transactions or movements of goods which span the end of the transition period. It covers goods, fulfilment houses, services, call-off stock, and financial services.

Businesses have until 21 January 2021 to submit EC Sales Lists for sales made on or before 31 December 2021.