VAT

EU One Stop Shop Scheme extended to Distance Sales

New EU VAT rules on e-commerce come into effect on 1 July 2021 which include the EU One Stop Shop Scheme being extended to Distance Sales within the EU. Our VAT alert summarises the changes.

19 March 2021| CATEGORIES: e-Commerce, VAT

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Containers

Brexit Alert: Postponed VAT Accounting and import VAT recovery from January 2021

In January 2021, the UK government introduced postponed import VAT accounting (PVA) for all imports of goods (from EU and non-EU countries). Businesses are urged to act now to take advantage of PVA wherever possible, ensuring they register to obtain the relevant evidence from HMRC to support the recovery of import VAT.

14 February 2021| CATEGORIES: Brexit, VAT

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Freight at port

Brexit: Postponed import VAT accounting

From 1 January 2021 postponed accounting for import VAT will apply to all imports of goods, including from the EU. This will provide an important cashflow benefit to UK VAT registered businesses.

16 December 2020| CATEGORIES: Brexit, VAT

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The City, London

Brexit Alert: VAT recovery by financial services and insurance providers

Rishi Sunak, the UK Chancellor of the Exchequer, has announced that from 1 January 2021 UK businesses that provide certain financial and insurance services, known as specified supplies, to EU customers will be entitled to reclaim VAT on the costs related to providing those services.

20 November 2020| CATEGORIES: Brexit, VAT

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Brexit - EU & UK flags

Brexit Alert: Exporting to the EU

From 1 January 2021, goods sent from GB to the EU will be treated as exports (rather than dispatches) and subject to customs formalities at both the GB and EU borders. Import VAT and customs duty will be payable where applicable by the party importing into the EU.

13 November 2020| CATEGORIES: Brexit, VAT

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Brexit - NI

Brexit Alert: Moving goods under the Northern Ireland Protocol

After 31 December 2020, when the UK’s Brexit transition period expires, movements of goods between NI and the EU will be treated as intra-EU transactions, and movements of goods between NI and GB will be treated as imports and exports.

13 November 2020| CATEGORIES: Brexit, Northern Ireland, VAT

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Brexit

Brexit Alert: Distance selling

The Brexit transition period expires on 31 December 2020. After that date UK businesses will no longer benefit from EU VAT simplification measures, including distance selling arrangements.

10 November 2020| CATEGORIES: Brexit, e-Commerce, VAT

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UK airport

Brexit Alert: Withdrawal of the VAT Retail Export Scheme and airside tax-free sales concession

Following public consultation the UK government has announced that the VAT Retail Export Scheme and airside tax-free sales concession will be withdrawn in Great Britain. Overseas visitors will no longer be able to obtain a VAT refund on items they buy in GB and take home with them in their luggage.

7 November 2020| CATEGORIES: Brexit, VAT

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EU VAT rules

New EU VAT rules on e-commerce

New EU VAT rules on e-commerce come into effect on 1 July 2021. Here we summarise the changes and the actions business should take to prepare for them.

7 November 2020| CATEGORIES: e-Commerce, VAT

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German lorry

VAT: 2020 QUICK FIXES – CHAIN TRANSACTIONS

The EU “quick fixes” package relating to cross-border trade will come into effect from 1 January 2020. Here we provide an overview of the chain transaction quick fix and highlight what businesses need to be doing to prepare for the new rules.

10 October 2019| CATEGORIES: 2020 Quick Fixes, VAT

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