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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.

HMRC clarifies who can reclaim import VAT

5 October 2020: The methods for deferring import VAT might result in somebody other than the owner paying the VAT. HMRC’s latest guidance reiterates that only the owner can reclaim the VAT and use postponed accounting from 1 January 2021.

Changes to retail exports and duty-free shopping

17 September 2020: Duty-free shops will return from 1 January 2021, but international visitors to Great Britain will no longer be able to buy and take with them tax-free purchases from other retailers in the country as the VAT retail export scheme is scrapped.

Brexit and customs: taxing times

10 September: It’s now a matter of months before Britain transitions out of the EU. It could prove challenging and costly for businesses that aren’t prepared.

A cash injection

In a nutshell, today’s Budget was one of the most extraordinary in recent memory. It marked a significant swing in economic policy, from austerity ‘coming to an end’, to a rate of borrow-and-spend that nobody would have imagined possible from a conservative government. It also marked a shift in more immediate priorities, from preparing for a post-Brexit Britain, to dealing with the challenges of Covid-19.

State aid approval continues for EMI

17 February 2020: HMRC has confirmed that state aid approval still applies to the Enterprise Management Incentive (EMI) following the UK leaving the EU on 31 January 2020.

Looking back at 2019

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Frank Haskew, head of the ICAEW Tax Faculty, reviews 2019, including Brexit, Making Tax Digital, off-payroll working, the contractor loan charge and HMRC’s resource issue.

TAXline News - December 2019

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Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during December 2019.

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