Tax / Spring Statement 2019: visa waiver and e-gate access post Brexit

In a Spring Statement thin on detail and shaped by the lack of progress on Brexit, the Chancellor announced plans to extend e-card immigration rights to citizens from Australia, Singapore and Japan, among others

Insight / UK to slash import duties in no deal Brexit

In the event of a no deal Brexit, the UK will adopt a temporary tariff regime setting the majority of import duties at 0% for a period of up to 12 months, in a move which would have significant implications for cross-border trade between Northern Ireland and the Republic of Ireland

Tax / Brexit crisis to overshadow Spring Statement

The Chancellor’s Spring Statement this afternoon takes place against a backdrop of continued and deepening crisis over Brexit and is likely to prove no more than the ‘filling in the sandwich’ between further votes on the terms of the UK’s withdrawal, after the government’s deal was roundly rejected last night

Insight / Call for more planning for no deal Brexit

A survey from ICAS has found that nearly three-quarters (73%) of finance professionals believe that a no-deal Brexit is ‘very’ or ‘quite’ likely, but only half say their organisation has prepared for that outcome from the current negotiations over the UK’s withdrawal from the EU

Tax / HMRC sets out rules for postponed VAT accounting if no deal Brexit

With weeks until Brexit, HMRC has finally issued guidance for importers and exporters on how a postponed VAT accounting system would work in the event of no deal scendario to prevent businesses having to immediately pay UK VAT on imports from the EU

Accounting / Essentials: Brexit changes to company law for accountants

The government is passing substantive legislative changes to Companies Act 2006 (CA 2006) via statutory instrument and has issued guidance letters for accountants and auditors with advice on how to operate cross-border in the event of a no deal Brexit. James Waller CA, technical writer at Croner-i Tax and Accounting, explains the key considerations

Tax / Editor’s comment: 25 days and counting

The deadlines for Brexit and the overhaul of VAT reporting under Making Tax Digital are uncomfortably close, while the risk of reverting overnight on 29 March to third country status for exports and audits, are just some of the bigger unknowns for business, tax advisers and accountants, says Sara White, editor of Accountancy Daily

Tax / Increased VAT recovery for financial services exports in no deal Brexit

In the event of a no deal Brexit, the government has said it has planned changes to the UK VAT legislation to allow companies to reclaim VAT on supplies of certain financial services made to the EU

Insight / Warning on lost limited liability status in no deal Brexit

In the event of a no deal Brexit, the limited liability status of UK companies and limited liability partnership (LLPs) may not be recognised in some EU jurisdictions, raising substantial business and personal risks, according to analysis of official government advice by RSM, which is urging businesses to ensure they review their structure

Insight / Businesses must prioritise no deal Brexit plans, warns HMRC

Some 200,000 UK businesses have yet to apply for the necessary paperwork to carry out trade with the EU in the event of a no deal Brexit, and HMRC is advising them to check their contingency plans urgently, as it has a limit of processing 11,000 applications a day

Insight / No deal Brexit could affect financial services’ regulation to trade cross-border

Companies in the financial services sector could lose their regulatory permissions to conduct cross-border business in the event of a no deal Brexit, with businesses setting up European entities to mitigate this risk

Tax / HMRC delays sending self assessment penalty notifications

Brexit-related pressures mean HMRC is to delay sending out notification of self assessment penalties for late filing of tax returns this year, as part of its contingency plans and to ensure there is capacity in its call centres for queries relating to the UK’s withdrawal from the EU

Insight / No deal Brexit advice for auditors and accountants

The Financial Reporting Council (FRC) and the Department for Business, Energy and Industrial Strategy (BEIS) have published information about the preparation required for auditors and accountants in the event there is no deal agreed for leaving the EU by Friday 29 March 2019

Insight / Brexit planning boosts audit and accounting job market

Brexit planning has been a catalyst for a surge in accountancy recruitment as specialist advisory services have seen a rise in demand for skilled professionals. Kathryn Swan, UK lead for accountancy practices at Morgan McKinley, reviews current trends

Tax / Brexit VAT expenses reclaim deadline looms

UK businesses should ensure they claim the local VAT incurred in the EU by their staff on expenses spending before the March deadline for quitting the EU, or they could face having to deal with the delays and costs of dealing with countries individually, in the event of a ‘no deal’ withdrawal, CIOT is advising