HMRC Guidance: VAT for Businesses If There's No Brexit Deal

Published by Griffin Chapman on Tue, 18/09/2018 - 1:40pm
No deal Brexit VAT guidance from HMRC
The HMRC has published a guidance notice for businesses about VAT if there's no Brexit deal.
 
The notice outlines the implications for VAT rules for goods and services traded between the UK and the EU, as well as the impacts and information for firms to consider.
 
In the publication, the HMRC details the VAT system before 29th March 2019, as well as after this date if there's no deal. Specific topics covered include:
 
  • UK businesses importing goods from the EU
  • Accounting for import VAT on goods imported into the UK
  • VAT on goods entereing the UK as parcels sent by overseas businesses
  • VAT on vehicles imported into the UK
  • UK businesses exporting goods to the EU
  • UK businesses exporting goods to EU consumers
  • UK businesses exporting goods to EU businesses
  • UK businesses selling their own goods in an EU Member State to customers in that country
  • UK businesses supplying services into the EU
  • Place of supply rules for UK businsses supplying services into the EU
  • EU Tour Operators' Margin Scheme
  • UK businesses that access EU-wide VAT IT systems
  • UK VAT Mini One Stop Shop (MOSS)
  • EU VAT refund system
  • EU VAT Registration Number Validation - access via the EU Commission's website, and
  • Businesses in Northern Ireland importing and exporting to Ireland

Their notice is meant for guidance and more information will be available from HMRC in due course. It is not meant as a recommendation for businesses' actions and are simply 'responsible preparations' for a contingency they do not expect to happen.

HMRC note that you should consider whether you need separate professional advice before making specific preparations.


What Next?

Visit: Read the HMRC Guidance

Call us: 01206 842000 

 

Published Date: 
Tuesday, 18 September 2018