Julie Park (The VAT Consultancy) reviews the potential impact on VAT and customs duty.
With the date of the EU referendum now fixed for 23 June 2016 attention is turning to the impact on VAT and customs duty. Questions are being asked by businesses about the likely timing of any changes and what these might be. The impacts can essentially be broken into three key areas for both taxes:
changes to bottom line VAT and duty costs;
compliance; and
systems.
Timing and transition
HMRC has not understandably published any specific VAT and customs duty guidance on the impact of an exit from the EU. The government however has published a useful paper The process for withdrawing from the EU. Crucially ...
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Julie Park (The VAT Consultancy) reviews the potential impact on VAT and customs duty.
With the date of the EU referendum now fixed for 23 June 2016 attention is turning to the impact on VAT and customs duty. Questions are being asked by businesses about the likely timing of any changes and what these might be. The impacts can essentially be broken into three key areas for both taxes:
changes to bottom line VAT and duty costs;
compliance; and
systems.
Timing and transition
HMRC has not understandably published any specific VAT and customs duty guidance on the impact of an exit from the EU. The government however has published a useful paper The process for withdrawing from the EU. Crucially ...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
