Following the outcome of the referendum the UK will be leaving the EU on 29 March 2019. We consider some of the VAT questions and issues arising from ‘Brexit’ in our FAQs. We have also published a blog on the implications of Brexit on the right to reclaim VAT on costs associated with businesses operating in the financial service and insurance sector. The blog considers the various possible scenarios and the impact on these specific sectors.
Additionally, we will be adding updates as guidance is issued by HMRC.
To ensure you receive our updates on any changes to the UK VAT system, including Brexit, as these are announced we highly recommend signing up for our regular free electronic newsletter service.
How can CVC help you plan for Brexit?
CVC can carry out a high level impact assessment, where we review your business and flag strategic and practical considerations. This assessment will, among other things, consider:
- The impact of any likely changes on cross-border transactions, including MOSS;
- Whether the removal of the ability to rely on EU law rights will impact on a particular business;
- Whether it may be possible to restructure some transactions to lessen the impact of changes resulting from Brexit;
- Whether it may be necessary to consider a VAT registration in another EU country.