Brexit

Tax / Call for devolved VAT in Scotland

The Scottish parliament should be given responsibility for setting VAT rates post-Brexit as existing legal obstacles to VAT devolution will no long apply, according to Reform Scotland, an independent, non-party think tank, which says Scotland needs to widen its tax base

Insight / Brexit transition deal boosts CFO optimism

For the first time in two years, worries about Brexit are not top of the list of risks facing UK corporates, with CFOs more concerned about weak UK growth, according to research by Deloitte

Insight / Brexit uncertainties hit mid-sized business investment plans

With a year to go until Brexit begins, three quarters of UK mid-sized businesses say no clearer picture is emerging of the future UK/EU relationship and almost a third have put investment plans on hold in response, according to research by BDO

Tax / Two thirds of UK businesses lack post-Brexit VAT strategy

Businesses are failing to prepare for the impact exit from the EU will have on their tax affairs, according to research by BDO which found that 65% of UK companies lack a formal VAT strategy, leaving many looking for professional help in determining the best approach going forward

Tax / Donaldson: post-Brexit VAT regime will create trade friction

Iain Donaldson, partner at Hill Dickinson, considers the barriers to frictionless trade under a post-Brexit VAT regime facing hard or soft borders

Insight / HMRC to start move to post-Brexit customs declaration service

HMRC has announced it is to begin a phased launch of its new post-Brexit customs declaration service (CDS) in August 2018, with the aim of all declarations taking place on CDS from early 2019

Insight / Brexit exit bill could top £2bn

The government has already spent £400m on Brexit preparations and the final bill for getting ready for leaving the EU could top £2bn, according to research from the think tank the Institute for Government (IfG)

Tax / Brexit opens way for ‘culture shift’ on tax policy

The UK’s exit from the EU should be the trigger for a first-principles discussion of tax policy making, encouraging a much broader debate about how or whether the tax system can meet society’s needs, according to a report from think tank Common Vision (CoVi), which has been backed by CIOT

Audit / Regulators identify risk hotspots for actuaries from Brexit to pensions

The Joint Forum on Actuarial Regulation (JFAR) is warning that poorly funded defined benefit pension schemes, the aging demographic and rising mortality rates, and post-Brexit regulatory concerns are key risks actuaries need to take into account when assessing risk probabilities

Insight / MPs hit out at lack of Brexit action and financial information

The government has been too slow to allocate skills and resources for Brexit according to an assessment by the public accounts committee (PAC), which also calls for greater transparency over the costs of delivery

Insight / Downing Street rules out EU customs union

Downing Street has issued a statement saying that Britain will ‘categorically’ leave the customs union after Brexit, as prime minister Theresa May and secretary of state for exiting the European Union David Davis prepare to meet chief EU negotiator Michael Barnier today

Tax / Dodwell: HMRC needs to reshape plans to cope with Brexit

HMRC needs to reform its current plan on how to deliver the ongoing 250 projects in its portfolio after the tax authority is expected to add another 50 to its workload due to Brexit, says Bill Dodwell, partner and head of tax policy at Deloitte

Insight / Government seeks to reassure business over post-Brexit implementation

With the deadline for exiting the EU now just over a year away, the government has sought to reassure businesses about the UK’s ambitions for an implementation period following Brexit, in order to ensure an orderly departure

Insight / UK CEOs optimistic on global economy despite Brexit worries

The number of UK CEOs expecting the global economy to improve over the coming year has more than doubled, according to a PwC survey published at the World Economic Forum in Davos

Tax / Whiscombe: what's the chance of reforming VAT post-Brexit

VAT is a European construct so post-Brexit any government could have the freedom to reform this hugely complex and irrational VAT rating system, argues David Whiscombe CTA, partner at BKL
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