09 Nov

VAT and Brexit: Latest Update – November 2018

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Preparation For No Deal Brexit

As of the time of writing (5 November) the UK and EU have still not agreed the terms of Britain’s departure from the EU, scheduled for 29 March 2019. The UK has published a paper to assist businesses with the VAT aspects of a “No Deal” Brexit, should no agreement be reached. This can be accessed here:

https://www.gov.uk/government/publications/vat-for-businesses-if-theres-no-brexit-deal/vat-for-businesses-if-theres-no-brexit-deal

The EU has also prepared a briefing paper on the VAT impact of Brexit for its businesses. This can be accessed here:

https://ec.europa.eu/info/publications/preparing-withdrawal-united-kingdom-european-union-30-march-2019_en

Essentia and Quipsound will be delivering a webinar on Brexit once the shape of the deal becomes clear. If you would like to attend, please email r.dunk@quipsound.com

EU VIES System Update

After Brexit, the EU’s VIES system will still be available for UK users to check EU VAT registration numbers, but UK data will no longer be available although access to historical UK VAT registration status on VIES will remain available until December 2024. The UK tax authority, HMRC, has advised that it intends to develop a system that will enable UK VAT registration details to be checked and has written to software developers to seek their views on how this might best be achieved. Developers are invited to contact HMRC to arrange a discussion.

This story was originally posted on VAT Life, Quipsounds quarterly newsletter in association with Essentia Global Services. Click here to see the story and more on VAT Life.

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