The UK’s HMRC is set to go ahead with Phase 2 of Making Tax Digital for VAT on 1 April 2021. This will require UK VAT registered businesses over the UK VAT registration threshold of £85,000 to comply with three new requirements: Digital Bookkeeping; Digital
On 11 March, Michael Gove, minister for the Cabinet Office, announced a further six-month extension on import declarations completions and border checks until 1 January 2022. This acknowledges the struggles of UK and EU businesses to come to terms with the new, post-Brexit customs paperwork
Easement on temporary movements of goods between NI and GB The UK’s HMRC has provided some additional import tax reliefs on the movement of goods between post-Brexit Northern Ireland (NI) and the rest of the UK (GB). Goods which are only making a temporary movement
Intrastat reporting of EU goods movements ends for UK as part of Brexit; Northern Ireland – EU movements obligation remain Following the UK leaving the EU VAT regime and Customs Union on 1 January 2021, the UK have continued to require VAT registered businesses to
As the Brexit transition period comes to an end on 31 December 2020, the UK’s financial services sector has been granted a VAT boost. The Chancellor, Rishi Sunak, has confirmed that input VAT incurred on banking or insurance services as export services will be deductible.
When the UK’s Brexit transition period ends on 31 December 2020, goods moving between the UK and EU will be subject to import VAT, customs declarations, potential tariffs and regulatory checks. It is possible to apply to HMRC for a Duty Deferment account which can postpone the payment