Tag: VAT

May suffers setback as Conservatives back no-deal Brexit

Prime Minister Theresa May continued to seek reassurances from European leaders about the EU withdrawal agreement as it emerged that most members of her own party would favour a no-deal Brexit.

Three-quarters of respondents in a survey of 1,215 Conservative Party activists said they regarded as “exaggerated or invented” warnings that a no-deal Brexit could cause severe short-term disruption, such as shortages of food and medicines. My news story (paywall) for Tax Notes, January 7:

May Suffers Setback as Conservatives Back No-Deal Brexit

Finance bill, VAT threshold and Brexit

Tax Notes published (paywall) the following articles in the week of December 24:

VAT Issues Need to Be Addressed in Brexit Talks, MPs Say
A significant reduction in the VAT registration threshold may be imposed on U.K. businesses if a new EU VAT directive takes effect during the proposed Brexit transitional period, a House of Commons committee said.

MPs Seek Finance Bill Change to Steer Brexit Debate
As the U.K. government ramps up preparations for a no-deal Brexit, members of Parliament hope to use a finance bill amendment to force the government to seek Parliament’s consent to such an outcome.

HMRC warns of customs and VAT impact of no-deal Brexit

HM Revenue & Customs has alerted 145,000 businesses that trade only with EU countries to changes that would have an immediate impact in the event of a no-deal Brexit in March 2019.

HMRC sent separate letters, signed by Deputy Chief Executive Jim Harra, to VAT-registered businesses based in Northern Ireland and those based elsewhere in the United Kingdom.

For businesses outside Northern Ireland, HMRC confirmed that in a no-deal Brexit scenario, those trading with the European Union only would have to start completing customs declarations from March 2019, and that customs checks would be applied for the first time. Read more:

My news story for Tax Notes (paywall), September 14

HMRC: Letters on ‘no deal’ Brexit advice for businesses only trading with the EU, September 13