VAT News

Get Brexit VAT Ready – Update

30.09.2019

Information is starting to come from HMRC on VAT Specific preparations that Businesses need to consider as the 31st October date nears.

  • Guidance on How to Complete your VAT Return for Import VAT in a No-Deal  - which raises a number of compliance questions
  • When to account for Import VAT in a No-Deal Brexit – Link here
  • Economic Operator Registration and Identification numbers are being issued automatically by HMRC – You will need this number if you trade in Goods into/out of the UK
  • Transitional Simplified Procedures have been established to help businesses but there is an eligibility criteria for this system so you need to check
  • UK VAT numbers will be validated on a new UK system – this site is still in development. You can still check EU VAT numbers on the Europa site here
  • NON UK businesses supplying Digital Services to UK Consumers will need to VAT register here in the UK
  • Claims for UK VAT incurred by an EU business before Brexit can be made on the EU Electronic system but should be submitted early as the UK will not receive the claim if its posted after Brexit

Businesses do need to plan for a No-Deal Brexit is the general theme of all communications that we are seeing at the moment. That is not to say that Deal will not arise and that may have VAT agreements in it which mean that some elements of VAT processes will remain as they are.

The Department for Business, Energy and Industrial Strategy (BEIS) have made funding available for Business organisations such as the Chamber of Commerce to offer support on getting Brexit Ready so do watch this space for news of the VAT services that your Centurion VAT team will be able to provide through this route. However, if you’ve specific VAT advice needs to assist your business on Brexit preparation do get in touch via emailus@centurionvat.com

We are here to help you when VAT gets complicated.