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Brexit

Accounting For Import VAT On Your VAT Return

HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union. Businesses registered for VAT in the UK can account for import VAT on their VAT Return for goods imported into: Great Britain (England, Scotland and Wales) from anywhere outside the UK […]

Read more September 10th, 2021

Post Brexit New VAT Rates To Use For Bookkeeping

Following the BREXIT transition period coming to an end on 31 December 2020, from 1 January 2021, new VAT codes have become available to use for bookkeeping. Please see below details for how to access the new rates on Sage 50, Sage Cloud, QuickBooks and Xero and how to activate Postponed VAT Accounting if you […]

Read more February 23rd, 2021

European Property Owners Face Higher Tax Bills

Now that the UK has finally left the EU some taxpayers will start to see additional tax costs. One example is where UK residents own holiday homes in EU countries that they rent out for part of the year. Owners of EU rental properties may now be required to pay more tax in those countries, […]

Read more February 8th, 2021

VAT Post-Brexit Changes To Imports And Exports

Exports If you are a VAT registered person or business and you export goods, from 1 January 2021 all sales of goods to a destination outside of the UK will be classed as Exports and therefore can be zero-rated as long as they meet the normal conditions in VAT Notice 703 Section 3. These include […]

Read more January 13th, 2021

Is Your Business Ready For Brexit?

The UK left the European Union on 31 January 2020. The transition period ends on 31 December 2020. The Covid-19 pandemic has dominated the news headlines this year but Brexit is still progressing. During the transition period, the UK remains in both the EU customs union and single market. Until the end of the transition […]

Read more December 21st, 2020

Get Ready For Leaving The EU On 1 January 2021

The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends. It is still unclear whether a trade deal will have been agreed with the EU by that date, and such an agreement is looking increasingly unlikely. HMRC have started writing to businesses alerting them to important changes […]

Read more October 15th, 2020

Brexit Transition Planning

As the end of the Brexit Transition period approaches, we look at what you will need to do from 1st January 2021. While this might seem far away at present, and with little of Brexit finalised, it is necessary to start planning now. The Government website covering the UK Brexit transition, has an interactive questionnaire […]

Read more August 26th, 2020

New Plans Ensure Internal UK Trade

The UK government has laid out plans to deliver on its manifesto commitment to ensure businesses across the whole of the United Kingdom will continue to enjoy seamless internal trade, as they have done for centuries, when we leave the Brexit transition period at the end of the year. From 1 January 2021, powers in at least 70 policy areas previously […]

Read more July 20th, 2020

Are You Brexit Ready?

On 31 January 2020, the UK finally left the EU after months of debate. Little impact will have been felt so far as we now enter the 11 month period of transition. This is to give the UK time to negotiate trade agreements with countries around the world, with the priority being those remaining in […]

Read more February 24th, 2020

Government Funding To Help Prepare For Customs Changes

£16m in new government funding is now available to help businesses train staff in making customs declarations, and to help businesses who support others who trade goods to invest in IT. This will ensure that trade with the EU continues as smoothly as possible after Brexit. Grants can be used to support: training costs for […]

Read more November 11th, 2019

Brexit: What Now For Businesses That Trade With The EU?

There is still uncertainty around what Brexit will mean and planning for a “No Deal” scenario seems sensible right now. Businesses that buy and sell from the EU should have contingency plans in place which will need to be flexible to cope with a variety of possible outcomes. If a ‘No Deal’ happens after October […]

Read more September 13th, 2019

Simplified Import Procedures In The Event Of “No Deal Brexit”

Arrangements have been announced by the Government regarding the movement of goods to and from the EU. A simplified import and export system has been implemented by HMRC – in the event of a ‘no deal’ scenario – as a mechanism to ensure that goods move to and from the UK, with a reduced administrative […]

Read more March 12th, 2019

Managing in Uncertain Times

Due to Brexit, 2019 looks set to be a year filled with uncertainty for businesses. The future is always unknown but this year managers will need to navigate some particularly choppy waters due to market uncertainty and global political turmoil. Focus on what you can control As a manager you can always control your response, […]

Read more February 25th, 2019

No Deal Brexit – What About VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without a deal, UK businesses will have to […]

Read more February 18th, 2019