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Markel Tax

03 Feb 2020

Brexit and VAT?

Brexit day has arrived.  From 11pm on 31 January 2020 the UK will no longer be a member of the EU. What does this mean for your business and VAT?

The UK will now enter an implementation period that is due to last until 31 December 2020.  There will not be any changes to the VAT rules for the UK during this time, unless the rules change for the whole of the EU (as is expected for call-off stock for example).  During the transition period, the UK will continue to apply EU law but it will no longer be represented in EU institutions. The transition period can be extended once for a period of up to one or two years, if both sides agree to this before 1 July 2020.
We await the evolution in the UK’s future relationship with the EU and the rest of the world, along with the impact this will have on the UK VAT rules.
Tagged Value added tax (VAT) services
Next article in series

24 Jan 2020

What will 2020 bring for the R&D world?

Positive noises from HM Government signal that the future of R&D Tax Relief is strong and is an area of growth that should not be missed