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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.

Brexit and VAT: Registering for the non-union MOSS

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.

Brexit: where do your goods originate?

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.

DAC 6 to be replaced by OECD rules for UK intermediaries from 2021

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.

Clarity over VAT on transactions spanning 31 December

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.

Tax news in brief

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.

End of transition: scrutinise your staff, costs and contracts

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.

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