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.
Tax news and insights
Articles, updates and features from ICAEW offering analysis and commentary on how the UK's exit from the EU affects treatment of 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.
7 December 2020: What should UK companies – and particularly SMEs – be concerned with in the countdown to the end of the Brexit transition period? Staffing, extra costs and contract terms are the three big questions, says Paul Samrah, Partner in Moore Kingston Smith.