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Brexit and VAT
Key points
- Business should analyse processes and identify important VAT elements.
- Planning points for importers and exporters.
- Using transitional simplified procedures.
- The benefits of postponed import VAT accounting.
For most business taxpayers their biggest Brexit concern is not the politics of whether the UK stays in the EU but rather what they should do to prepare for it. In a time of few certainties taxpayers can only reach a certain level of preparedness but it is important to achieve that as soon as possible and then remain flexible and adaptable. Staff software and budgets all require a level of flexibility and robustness to them. Businesses should ensure contracts are not silent on areas of VAT that might be expected to change – for example...
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