Brexit impact on VAT and other taxes

14 January 2021: ICAEW has issued new guidance on rules governing the origin of goods and warns businesses might end up having to pay customs charges or penalties if they fall foul of the rules.

Updated 7 January 2021: Following the end of the transition period, workers moving between the UK and the EEA and Switzerland should only pay social security contributions to one country, usually this will be where the work takes place confirms HMRC.

4 January 2021: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.

30 December: HMRC has published guidance on the VAT treatment of transactions that are ongoing and goods that are in transit between Great Britain and the EU when the Brexit transition period ends on 31 December 2020.

16 December: HMRC has published guidance on the validity of binding origin information decisions issued by the UK after the transition period and what this means for businesses importing and exporting goods.

16 December 2020: Highlights from the broader tax news this week includes: support from HMRC on withdrawal of VAT retail export and airside tax-free shopping scheme; the opening of an online portal for businesses using postponed VAT accounting to download statements; and data on how the enhanced CEST tool has been used in its first 12 months.

9 December 2020: ICAEW’s Tax Faculty provides an overview of the new Bill to implement key aspects of the Northern Ireland Protocol relating to the tax treatment of goods.

8 December 2020: An online form has been created to enable VAT-registered businesses to inform HMRC that they are trading goods in Northern Ireland or between Northern Ireland and the EU.

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, to help you prepare for when the transition period has ended.

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.