Brexit

Insight / Government wins vote on leaving customs union

In a tense evening of voting, the government has seen off attempts to alter its agreed post-Brexit trade strategy, with the defeat of an amendment which sought to insist the UK should be forced to join a customs union with the EU if no agreement were reached on frictionless trade by 21 January 2019

Tax / Post-Brexit VAT non-alignment to add to consumer costs

An amendment to the Brexit customs paper, passed by a narrow majority in Parliament on Monday, which will see the UK exit the EU VAT regime is also likely to increase costs for UK consumers buying goods directly from EU businesses, RSM is warning

Insight / Government plans to leave Single Market and Customs Union

Following Cabinet discussions at Chequers, the government has now issued a detailed policy paper setting out its commitment to leave the Single Market and Customs Union post Brexit, although it is looking for regulatory equivalence across a number of areas, including audit and accounting standards, and financial services

Tax / FB 2018-19: controlled foreign company rules tweaked for ATAD compliance

Due to the introduction of the EU Anti-Tax Avoidance Directive (ATAD) before Brexit, the government plans to amend the tax rules on controlled foreign companies (CFCs) to ensure ongoing compliance

Insight / Dominic Raab named Brexit secretary following Davis’ resignation

Dominic Raab, previously minister of state for housing, has today been appointed as secretary of state for exiting the European Union after David Davis resigned following disagreements over Brexit policy

Insight / Treasury prepares for ‘no deal’ Brexit

The government is preparing contingency plans for the financial services sector in the event of a ‘no deal’ Brexit

Insight / UK aims for top role in green finance post-Brexit

The Chancellor has announced the setting up of a new Green Finance Institute and an industry-led financial services skills taskforce as part of moves to ensure the UK remains a leading finance services sector post-Brexit

Accounting / Government signals support for FRC and IFRS post-Brexit

The government has revealed plans to transpose EU-adopted IFRS into UK law and introduce a UK corporate reporting and audit framework, which will be controlled by the Financial Reporting Council (FRC), subject to EU agreement

Insight / UK sets out plans for post-Brexit backstop Irish trade agreement

The UK has set out details for a backstop agreement between Northern Ireland and Ireland to protect customs arrangements during the transition period after the UK leaves Brexit

Tax / HMRC warns of £20bn post-Brexit customs bill

The head of HMRC has suggested businesses could face annual administration costs of up to £20bn depending on which option the UK selects for handling customs and trading with the EU post-Brexit and warned it could take several years for new systems to be up and running

Accounting / Brexit proofing contracts during transition period

Initial transition talks have started but there is little clarity about the future validity of contracts during the pre-Brexit period. Richard Smith and Stuart Pickford, partners at law firm Mayer Brown, consider how to Brexit proof contracts to avoid commercial disputes and identify potential pitfalls

Insight / Third of CFOs consider moving staff from UK post-Brexit

Almost a third of companies (31%)  expect to move staff from the UK because of Brexit, a rise of more than 10% since the summer of 2017, according to the latest Thomson Reuters quarterly poll of chief financial officers (CFOs)

Tax / HMRC to delay more digital services for individuals

HMRC has acknowledged that its digital transformation programme has not ‘all been smooth sailing’ and says the need to refocus priorities to meet the demands of Brexit mean it will delay plans to introduce more digital services for individuals

Insight / EU/UK working group to assess risk to financial services

The EU and UK are to set up a formal means of cooperating on risk management in financial services in the run up to May next year, when Brexit officially takes place

Insight / Third more businesses in financial distress since Brexit triggered

There has been a 33% hike in UK businesses reporting ‘significant’ financial distress since Article 50 was triggered a little over a year ago, with increased levels of financial distress being seen across all sectors and regions of the UK, according to research by Begbies Traynor
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