Brexit

Insight / Government issues 'no deal' competition and insolvency papers

The government has published documents setting out its position in the event of a ‘no deal’ Brexit, including information relating to mergers and acquisitions, the future role of the Competition and Markets Authority (CMA), and insolvency

Insight / HMRC outlines ‘no deal’ preparations for EU-only UK traders

HMRC has written to 145,000 VAT-registered businesses across the UK, including Northern Ireland, which only trade with the EU, explaining changes to customs, excise and VAT in the event of a ‘no deal’ Brexit, which would require them to complete customs declarations for the first time

Insight / Carney to remain at Bank of England until 2020

The government has announced that governor Mark Carney will remain at his post until January 2020 in order to guide the bank through Britain’s exit from the EU

Insight / Finance services job levels hold steady

The number of financial and professional services jobs has held steady over the last five years although a Brexit ‘no deal’ could result in job losses, according to analysis from UHY Hacker Young

Insight / Brexit uncertainty hits future planning at businesses

Lack of clarity around the Brexit process is hitting preparations for business after the UK leaves the EU, with only a third of finance professionals in large businesses reporting their organisation has started scenario planning and just 20% of those in small organisations, according to a poll

Insight / Authorised economic operators (AEO) accreditation post-Brexit: what does it mean

Importers and exporters could consider acquiring Authorised Economic Operators (AEO) accreditation to allay Brexit chaos for British businesses, although the government has not been clear in the recent no-deal Brexit papers about how this would work in practice. David Miller, Customs & AEO consultant and co-founder of The Customs People explains the issues for accountants and businesses

Tax / Malkin: preparing for a no deal Brexit and the impact on tax

Although there is still little detail on the UK’s exit from the EU, the government has published guidance on how to prepare for a no deal scenario. Jane Malkin, European head of tax development at Tax Systems, explains how a no deal Brexit will affect tax and provides tips on steps businesses can take to prepare

Tax / Browne: Brexit is an opportune moment to simplify tax code

As government publishes papers outlining what would happen to VAT and financial services in the event of a no deal Brexit, Andrew Browne, head of tax at Bishop Fleming, sees Brexit as an opportunity for simplifying complex tax code

Insight / Chancellor warns of ‘large fiscal consequences’ of no deal Brexit

Chancellor Philip Hammond has confirmed that in the event of a no deal/Word Trade Organisation (WTO) outcome to the current Brexit negotiations, GDP is predicted to fall 7.7%, with the largest negative impacts felt in the North East and Northern Ireland

Insight / No deal Brexit would hit insurance and bank accounts of UK expats

The risk of a no-deal Brexit departure could see UK citizens living in the EU facing loss of banking access and insurance cover until regulatory oversight is agreed with the EU, although the government will put in temporary recognition for EEA financial services firms to allow passporting for three years 

Tax / Import VAT to be filed quarterly in event of no deal Brexit

If the UK leaves the EU without an agreement in place after 29 March 2019, the government will introduce postponed accounting for import VAT on goods being brought into the UK and UK businesses will no longer be able to use the MOSS portal to pay VAT on sales of digital services, according to one of the many no deal Brexit papers released

Tax / Brexit: the future of VAT and customs

The lack of progress on agreement on a trading model and customs arrangements post-Brexit highlights the inherent differences between current EU trade and the customs rules governing non-EU trade. David McGeachy, partner and national head of VAT at Saffery Champness explains

Insight / A third of UK SMEs fear post-Brexit disruption

Research suggests 47% of the UK’s SMEs have started planning for the various possible outcomes from Brexit, with a third predicting potential supply chain disruption, ahead of the government’s publication of a series of technical notices covering the potential business impacts in the event of a no-deal scenario

Insight / HMRC reaches customs declaration service milestone

HMRC has successfully implemented the first software release for its new Customs Declaration Service (CDS), which will have a critical role to play post-Brexit

Insight / Rate rise could leave BoE with insolvency spike

A leading accountant has issued a stark warning that an interest rate rise will leave the Bank of England ‘with blood on its hands’ as more people struggle to cope with financial difficulties
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