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VAT and Brexit
Newsletter issue - February 2020.
HMRC have not yet issued any guidance as to how imports from, and exports to, EU and non-EU countries should be recorded for VAT return purposes after 31 January 2021, what happens with the reverse charge, and what should be recorded in boxes 8 & 9 of the VAT return. The last guidance given was in the case of a no deal Brexit and we are monitoring any new advice as it is issued.
HMRC have said:
- There will be NO requirement to complete an EC sales list for sales after 1 January 2021.
- Intrastat returns WILL continue to be required.
Any changes in reporting and claiming will affect all invoices raised to non-UK customers and any duty or VAT on imports after 1 February 2021 will be affected. Businesses need to be ready to make changes to how these invoices are recorded once guidance is available.
Accounting software is likely to require updating once the reporting requirements are clarified.
Current HMRC guidance on Brexit can be found on the Gov.uk website at https://www.gov.uk/topic/business-tax/vat.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
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