Brexit impact on VAT and other taxes

ICAEW is calling on the government to add much-needed meat on the bones of its post-Brexit freeport strategy, following concerns of a lack of clarity about how freeport areas will work in practice.

Since 1 January 2021 when the UK left the EU, the benefit of a “booze cruise” has been severely limited. It is no longer possible to simply load up wine purchased from your favourite French vineyard, or indeed a superstore in Calais, and return to the UK without a few extra considerations.

Highlights from the broader tax news week ending 7 July, which includes: a reminder of the 31 July deadline for tax credit renewals; links to new SIs correcting anomalies in EU-exit VAT legislation; a deadline extension for non-EU businesses making VAT repayment claims; a new online form for companies applying for de-minimis extended loss carry-back claims and confirmation that Northern Ireland business can use the one stop shop union scheme from 1 July.

The UK government admits that post-Brexit trade deals include clauses that could prevent companies benefitting from freeport tax breaks, affecting business worth up to £35bn annually.

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.

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

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

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 runs through post-Brexit VAT changes for overseas sellers exporting to Europe.

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, delivers insights into various types of 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.

Guidance on how to charge and account for VAT on the movement of goods between Northern Ireland and EU member states. It cancels and replaces the previous VAT Notice from December 2020.

Paper from HMRC on the EU rule changes from 1 July 2021 relating to the movement of goods from Northern Ireland to the EU and imports of low value goods into the EU or Northern Ireland.

Webinar on 25 May 2021 with specialists from the UK and EU addressing tax and legal implications arising post-Brexit. It covers potential solutions for VAT and direct tax issues, UK freeport proposals, risk of UK taxable income, cross-border staff, product safety and marking, IP, and contracts.

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

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.

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

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.

Information from the European Commission on the modernisation programme that includes the new VAT e-commerce rules that will come into force on 1 July 2021 and which affect everyone in the e-commerce supply chain for cross-border supplies to consumers in the EU.