Webinar

Tax webinar: what happens after Brexit?

Martin Lambert Martin Lambert

With all that's happened this year, it's easy to forget that the Brexit transition period is set to end in under six months' time. Our recent webinar shared the latest tax implications to consider now and after the Brexit transitional period. 

During the session, our experts shared ways to prepare businesses from an international trade perspective, including across VAT, customs and corporate tax:

  • Martin Lambert (Chair) - Partner, Corporate Tax
  • Tom Rathborn - Manager, Public Policy
  • Alex Baulf - Director, International Indirect Tax
  • Adam Taylor - Associate Director, Customs
  • Janette Maxwell - Associate Director, Irish Indirect Tax (Grant Thornton Ireland)
  • Shivani Chotai - Manager, Corporate and International Tax

The webinar included discussions on:

Overview of Brexit

Tom shared an update on where we are in talks, latest announcements from the UK and EU, what to look out for when getting ready for the end of transition. He also summarised the three possible outcomes for 11pm 31 December 2020.

VAT

Alex discussed the latest from HMRC and the European Commission on the impact to VAT within B2B and B2C supply chains. He covered import VAT, the loss of simplifications and additional compliance obligations relating to imports and exports.

Find out more about our indirect tax updates >>

Customs

Adam talked about the customs impacts of Brexit, including the need for declarations at import and export. The key part that origin of goods will play in future trade considerations, together with the other pillars of customs compliance were also covered. Details of the government’s ‘soft touch’ approach from 1 January and potential duty mitigation strategies were also discussed.

Ireland

Janette covered practical tips from an Irish perspective on Brexit, including the latest on the Northern Ireland Protocol and the impact to VAT/customs between Ireland and Great Britain. For example, she answered questions around what Irish businesses need to do to continue to trade with the UK after Brexit, and what the implications are for VAT on imports to Ireland.

Corporate and international tax 

Shivani ended the session by discussing the application of EU tax directives during the transition period. This allows businesses to access reduced withholding tax rates, cross-border payments of dividends, interest and royalties, and how this would look post-transition period with the application of the double tax treaties in their place. She also looked at some common EU domestic provisions and the dis-application of those as the UK loses its EU member status. Finally, she took a step back to consider what the wider implications could be from a transfer pricing perspective on the changes to your business after Brexit. 

To discuss these issues further, contact Martin Lambert.

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