23 October 2018
HMRC has published a new ‘partnership pack‘, containing a collection of high-level guides for businesses involved in importing and exporting, to explain the customs processes and procedures likely to apply after March 2019 in a ‘no deal’ scenario. A set of individual factsheets describe what different business groups will need to do from day one outside the EU. The pack also provides a summary (reproduced here) of the customs, excise and VAT changes to expect, which complements the technical guides published on 23 August.
10 October 2018
We have 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 sectors.
8 October 2018
The Chartered Institute of Taxation (CIOT) and the ICAEW have issued the first in what is hoped to a be a series of fact-sheets on the impact of the UK’s withdrawal from The European Union. The main purpose of this particular fact-sheet is to outline the purpose and effect of The Taxation (Cross-border Trade) Act 2018, which received Royal Assent on 13 September 2018.
13 September 2018
The Taxation (Cross-border Trade) Act 2018 received Royal Assent on 13 September. The purpose of the Act is to allow the government to create a standalone customs regime when the UK leaves the EU and provide for amendment of existing VAT and excise legislation.
23 August 2018
HMRC has stated that a scenario in which the UK leaves the EU without agreement (a ‘no deal’ scenario) remains unlikely given the mutual interests of the UK and the EU in securing a negotiated outcome. however, it has issued some guidance to enable taxpayers to prepare for a ‘no deal scenario’.