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.
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.
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.
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.