IOSS update 1 July 2021
1 B2C goods to the EU
Following on from our update “UK sales to EU consumers – VAT changes from 1 July 2021 “ on 27 April, our understanding is that UK businesses that want to register for the new EU Import One Stop Shop scheme (IOSS) to sell their goods to EU consumers will need to do so using an EU IOSS intermediary. We have confirmation that a direct IOSS registration is not currently possible for UK businesses.
The Intermediary requirement will require a UK business to identify such a person and inevitably to incur some costs for use of their services. Understandably, there will be a high demand for an Intermediary’s services so we recommend that urgent action is taken now in order to be ready to use IOSS from 1 July.
2 SME Brexit fund for VAT advice
We have been lobbying for an extension of the SME Brexit fund for VAT and Customs advice, which currently is due to close for applications on the 30th June. Whilst we currently have no news on whether the date for applications will be extended we have learnt that the fund is, so far, undersubscribed. Grants of up to £2000 are still available to qualifying businesses therefore if applications are submitted by the June 30th deadline.
If you export of import to/from the EU and would benefit from VAT advice as a result of the 2021 changes, please do have a look at the scheme, link included here and if appropriate we can provide a quotation for you to submit with your grant application before the end of June.
Our Brexit VAT Impact Evaluation reviews have provide a very effective tool to assist our clients in focusing on their particular VAT concerns and we would be pleased to assist you.
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