UK businesses will be affected by Brexit in different ways depending on the nature, volume and complexity of their trade, as our briefing outlines.
Now that the UK has voted to leave the European Union, the exit will require a fundamental review of how indirect tax (including VAT and customs duty) will operate.
For over four decades, our VAT system has been governed by EU directives. Post-Brexit, UK VAT law may continue to mirror the EU or there could be a complete revision.
Amid this uncertainty every UK VAT-registered business, and all businesses supplying services or moving goods to or from other member states, will need to assess the impact of any potential changes and, where possible, put in place plans to manage these changes.
Our two-page briefing on indirect tax looks at potential changes for:
- Value added tax (VAT)
- Mini-One-Stop-Shop (MOSS) and digital services
- VAT Groups
It also offers guidance on how affected businesses can use this information to start an impact assessment.
Need practical advice on navigating Brexit?
Our guidance covers a range of factors that will affect your business and how to address them.
People and skills
Imports and exports
Tax and transactions
Cost and cashflow