Kassim Meghjee and Nicola Simmons (Mishcon de Reya) review the current and likely future positions.
It has been over two years since the Brexit vote. Despite recent agreement within cabinet (and the subsequent resignations) a deal is yet to be agreed with Brussels. As a result there is still no clarity on how VAT and customs duty will apply in relation to supplies to and from the EU once Brexit takes full force. Businesses need to be prepared for change but how? As the future is often dictated by the past we have compared the current position against what it may become in order to assess what businesses can do to prepare.
VAT
The position now
At the moment VAT is broadly charged on supplies between the UK and EU as follows:
Goods received in the UK from the EU are technically called...
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Kassim Meghjee and Nicola Simmons (Mishcon de Reya) review the current and likely future positions.
It has been over two years since the Brexit vote. Despite recent agreement within cabinet (and the subsequent resignations) a deal is yet to be agreed with Brussels. As a result there is still no clarity on how VAT and customs duty will apply in relation to supplies to and from the EU once Brexit takes full force. Businesses need to be prepared for change but how? As the future is often dictated by the past we have compared the current position against what it may become in order to assess what businesses can do to prepare.
VAT
The position now
At the moment VAT is broadly charged on supplies between the UK and EU as follows:
Goods received in the UK from the EU are technically called...
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:
