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Goods post-Brexit
Key points
- Imports into Great Britain will be subject to import VAT from 1 January 2021.
- Postponed accounting will be available for all imports made by VAT-registered businesses.
- Distance selling rules will not be relevant .
- A warehouse in the EU might be a cost-effective option.
The UK is largely a service-based economy. And the good news about the UK’s final departure from ties with the EU on 31 December is that the VAT rules will largely be unchanged for a business selling services that involve EU suppliers and customers. Some changes will merit a future article but the priority for clients advisers and VAT consultants is to focus on goods. We now have certainty about most of the new trading arrangements – HMRC issued more than 300 pages of detailed guidance in July and very sadly I read it three times.
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