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Goods post-Brexit
The UK is largely a service-based economy. And the good news about the UK’s final departure from ties with the EU on 31 December is that the VAT rules will largely be unchanged for a business selling services that involve EU suppliers and customers. Some changes will merit a future article but the priority for clients advisers and VAT consultants is to focus on goods. We now have certainty about most of the new trading arrangements – HMRC issued more than 300 pages of detailed guidance in July and very sadly I read it three times.
In this article I will focus on practical examples of what will change on 1 January 2021. Let’s hope it all proves to be a big anti-climax just like the panic about the millennium bug even though some pundits are predicting a bigger horror show than the...
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