VAT News

Brexit Checklist - Key Dates for actions required

06.02.2019

HMRC have issued a third letter to the 145,000 UK VAT registered businesses on preparation required in the face of a No Deal Brexit. There are some key dates which should be in your diary for actions to be ready for the 29th March. At Centurion we’ve put a to do list with dates for our corporate network to work through. There will be other issues, but these require prompt action.

Reviews should have been undertaken on your supply chain, the nature of your sales distribution routes, stock holdings for customers and overseas markets as well as financial management and corporate structuring implications. We deal in the complex areas of VAT and Brexit clearly has the potential to fit into that bracket. Call us if you need specific questions answered: 01633 415390

Impact Issues

Action & Date

If you Export/Import make sure you have an EORI - Economic Operator Registration and Identification number – its quick to get from HMRC and can be done online

You will need this to access the simplification reliefs being put in place for Customs Duty and to submit declarations from 11pm on the 29th March.

Immediately – with the volume of applications expected it may take 3 days to get.

Review whether you need to hire an Agent to deal with submitting your Import or Export Declarations or whether you need to get appropriate software to submit them yourself – will staff need training?

Immediately

Register for the new Transitional Simplified Procedures (TSP) announced this week by HMRC to help make imports easier to manage and reduce the cash flow impact.

Registration opens from 7th Feb on Gov.UK

If you make EU VAT Refund Claims some EU countries are closing the on-line Portal on the 29th March.

These countries are advising UK businesses to make claims by the end of February.

Checking VAT Numbers – to validate a UK VAT registration number you will not be able to use the EU VIES system. From 30 March the GOV.UK site will be the place to access this information. EU VAT numbers can still be verified on the EU VIES site

Advise relevant staff of changes. 30 March is the date.

Using MOSS (Mini One Stop Shop) to declare sales of digital services to EU consumers? You can no longer use the UK Portal and need to register in another EU Member state.

Registration needed by 10 April 2019 but a UK business can only register after 29th March – prompt action required.

 There will be wider VAT related issues for your business to consider – when VAT gets complicated call Centurion – it’s what we do.  emailus@centurionvat.com