HMRC Updated EC Sales List Guidance – Plan for Brexit
HMRC latest updated note on how to report your EU sales for VAT confirms that businesses will not need to submit EC Sales Lists (ESLs) for those sales made after Brexit. That date is currently to be taken as the 31 December 2020 which is the date that the transition period comes to an end. The note also takes into account the changes which apply from the 1 January 2020 for call off stock between member states details of which are in our article here
Staying up to speed with VAT changes as the Brexit process moves forward will be important this year. The Centurion team are always here for when VAT gets complicated remember.
One practical suggestion is to have an “Inform and Plan” VAT session with us in the New Year on how these VAT regulations on movement of goods are managed by your business’s finance and logistics teams. This would ensure there is no exposure to VAT assessments where no VAT has been charged on the basis that you thought your systems and processes were compliant only to find at an HMRC visit that they are not.
It’s a recurring area of difficulty for exporters of goods and a preventative Exporting VAT Health-check on that area from our expert VAT team could save a lot of time, money and stress should you be faced with trying to rebut a costly assessment from HMRC.
To keep up to date on the VAT front do ensure you are registered to receive our VAT updates – you can do so on our website or use email@example.com stating “Opt in for VAT Updates”.
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