Brexit

Insight / Historic defeat risks no-deal Brexit

With 10 weeks to go before the UK is scheduled to leave the EU the Prime Minister’s failure to win approval for the terms of her withdrawal agreement by a 230-vote margin, the worst government defeat in British history, has heightened the uncertainty businesses face

Tax / VAT receipts threatened by Brexit

VAT receipts represent an increasing percentage of HMRC’s total tax take, suggesting the tax burden is increasingly being shifted to consumers, and increasing the risks to the tax base post-Brexit, according to research by UHY Hacker Young

Insight / Brexit hits demand for financial services

Demand for financial services fell for the first time in five years in final quarter of last year, rounding off three full years of flat or falling optimism, according to research by the CBI and PwC which cites Brexit and economic uncertainty as key factors

Tax / Case: UK given unilateral right to revoke Article 50 notice

Tax / MPs reject sweeping Treasury Brexit powers

The government’s no-deal Brexit preparations suffered a blow as a clause in Finance Bill 2018-19 (FB 2018-19) giving the Treasury broad powers in the event of a no-deal Brexit was narrowly defeated by rebels and opposition members

Insight / Brexit worries see financial services move £800bn

Heightened uncertainty about how the UK will manage Brexit has driven financial services companies to move almost £800bn of assets to Europe, with Dublin proving a popular location, according to research by EY

Insight / Hallam: where’s the reward in a no-deal Brexit?

With 80 days until Brexit, Nicholas Hallam, CEO of Accordance VAT, questions whether politicians have any understanding of the needs of business and the high risk stakes of a no-deal Brexit      

Tax / Editor’s comment: a year of turbulence

Sara White, editor of Accountancy Daily, takes a look back at a turbulent year for the tax, audit and accounting profession from the challenges of Brexit, the breakdown in trust in the audit market, calls for the breakup of the Big Four audit firms and the move towards mandatory digital reporting under Making Tax Digital for VAT 

Tax / HMRC hires 3,000 extra staff to handle Brexit customs

HMRC is hiring significant numbers of staff and is one of 25 government departments to share in an additional £2bn of funding allocated for Brexit preparation for all scenarios, while the UK’s five main business group have released a letter expressing ‘horror’ at the lack of practical action

Tax / ACCA warns of MTD Brexit risk for small businesses

ACCA is warning of future risks to small and medium-sized enterprises (SMEs) because of the potential for a no deal Brexit to clash with the introduction of HMRC’s new Making Tax Digital (MTD) for VAT regime, and says the government must provide more detailed guidance

Tax / HMRC delays MTD for business due to Brexit

HMRC is to continue rolling out Making Tax Digital (MTD) for VAT but has warned that the wider extension of the MTD programme for businesses will be delayed as IT developers are refocused on Brexit customs delivery

Insight / Hammond admits two years to prepare for no deal

Appearing before the Treasury committee, Chancellor Philip Hammond discussed the potential impact of a ‘no deal’ Brexit and what preparations the Treasury and other government departments were making to reduce the impact on taxpayers

Insight / EU workers protected under no deal Brexit

The government has published a policy paper on its actions to protect citizens' rights in the event that the UK leaves the EU without a deal in March next year, which outlines its proposals for EU citizens currently living and working in the UK, as well as UK citizens based in the EU

Tax / £8m fund for post-Brexit customs support

Ahead of the UK leaving the EU next March, HMRC and the Treasury have announced an £8m funding scheme for customs intermediaries and traders towards the cost of training and IT improvements required to handle imports and exports post-Brexit

Insight / Further advice given for EU-funded non-profits

The government has issued more guidance to EU-funded non-profit programmes and charities on what they can expect if the UK leaves the bloc without a deal and how they can maintain continuity of funding under the Cabinet Office guarantee
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