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Keep abreast of Brexit news
As the Brexit date fast approaches, it seems the only thing we can say with any certainty is that uncertainty continues to plague the issue of our leaving the EU. The negotiations on the terms of the UK’s exit from the EU are unresolved and there are three possible outcomes: a delayed Brexit by extending Article 50, a no-deal Brexit or a modified Brexit.
HMRC has published a letter to help businesses prepare for a no-deal Brexit. The letter includes a reminder to 'Make sure you find out about our EU Exit news as it happens'.
HMRC advises businesses to:
If the UK leaves the EU without a deal, then UK businesses will be responsible for making customs declarations. Businesses that trade with the EU should ensure they register for a UK Economic Operator Registration and Identification (EORI) number as soon as possible. In the event of a no deal Brexit, this identification number will be required even if the business appoints a customs agent to assist in making customs declarations.Read more..
Present tax-free company benefits
The list of company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following:
There is no requirement to pay tax on benefits and expenses covered by concessions or exemptions and they do not need to be included on a tax return.Read more..
Changes to VAT IT systems if no-deal Brexit
In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems.
We have reproduced below a summary from the letter of the main announcements made by HMRC on this issue.
Changes to VAT IT systems
If the UK leaves the EU without a deal you will no longer be able to use certain EU VAT IT systems. If you currently use any of these systems, you should be aware of the following:
EU VAT Refund Electronic System
To make EU VAT refund claims for 2018 using EU VAT Refund Electronic System, you should submit these before 29 March 2019, instead of the normal deadline of 30 September 2019. After we leave the EU, UK businesses will be able to reclaim VAT from EU countries, by using the existing processes for non-EU businesses.
EU’s VAT number validation service (VIES)
If you use VIES to check a customer or supplier’s VAT number, UK VAT numbers will no longer be part of this service after 29 March. A UK-only online VAT number checker will be available on GOV.UK from 29 March. You will still be able to use VIES to check the validity of EU VAT numbers.
UK VAT Mini One Stop Shop (MOSS)
If you currently use MOSS to declare and pay VAT on sales of digital services to EU consumers, you should submit your return for supplies made between 1 January 2019 and 29 March 2019 via the UK portal by the normal deadline of 20 April 2019. If you want to continue to use MOSS for sales you make after the UK leaves the EU, you will need to register for MOSS in an EU Member State. You should do this by 10 April 2019.
If you are affected by any of the above, you would be advised to take action ASAP.Read more..