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Indirect tax matters
Key points
- All goods movements between the UK-EU are now traded as imports and exports – who clears taxes and duties?
- UK businesses need to register for VAT in any member state where their goods are received.
- From 1 July 2021 a one-stop shop for e-commerce sales to consumers will mean only one EU VAT registration.
- The UK as a third country no longer has access to EU VAT simplifications.
- ‘Postponed import VAT accounting’ is available to businesses to avoid a 20% negative cashflow.
- UK businesses with a Northern Ireland establishment will need to apply to HMRC for an ‘XI’ EORI number.
On 1 January 2021 the UK and EU began a new relationship. Previously well-worn arrangements ceased as the UK’s Brexit transition period came to an end.
The UK has not only left the EU as a supra-national entity it has also lost its access to the European...
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