Brexit

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

Tax / Post-Brexit VAT: refunds and MOSS compliance issues

George Bull, senior tax partner and Andy Ilsley, VAT director at RSM assess the latest no deal Brexit VAT guidance from HMRC and warns companies to act now to avoid missing VAT refunds and review MOSS compliance

Insight / HMRC adds to no deal Brexit import information

The government has announced plans to phase in for EU imports the pre-arrival forms known as entry summary declarations, if the UK leaves the EU without a withdrawal deal, in a bid to ease trading arrangements post-Brexit

Accounting / Government passes SI to ensure accounting compliance post Brexit

Legislation to protect post Brexit filing exemptions for companies and limited liability partnerships (LLPs) under accounting rules have now been passed via a statutory instrument, SI 2019 No. 145, to ensure compliance with the Companies Act 2006

Insight / Rise in administrations illustrates business nervousness

Last year ended on a challenging note for many businesses, with the total number of companies in England and Wales entering into administration during the fourth quarter on the increase, according to analysis by KPMG

Tax / No deal Brexit risk to UK travel companies over TOMS VAT issue

Any UK travel-based businesses operating in the EU after 29 March 2019 could see changes to their VAT accounting under the tour operators margin scheme (TOMS)

Tax / Chancellor’s Brexit 'deal dividend' judged ‘not credible’

In a highly critical report on Budget 2018, MPs have said it is ‘not credible’ for the Chancellor to refer to a Brexit ‘deal dividend’ and called for the Treasury to supply more information so that the Office for Budget Responsibility (OBR) can provide a detailed Brexit assessment at the Spring Statement next month

Tax / HMRC simplifies customs procedures for no deal Brexit

HMRC has announced simplified procedures for businesses importing from the EU, as part of its no deal Brexit preparations in the event of the UK leaving without a withdrawal agreement on 29 March
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