While negotiations for an EU/UK Free Trade Agreement continue there is a real possibility that agreement will not be in place for 1 January 2021 and the UK will be left trading with the EU, and most of the rest of the world, on World Trade Organization (WTO) terms.
This will impact on all business sectors and, as such, we have been providing advice to a number of clients on how to adapt and complete their planning for what Brexit may bring.
The following articles, written by our dedicated Brexit team, provide an update on the current position and we will continue to keep clients up-to-date on how Government decisions will affect their businesses and their plans as this complex situation unfolds.
Should you have any questions, or would like to discuss any issues please do get in contact with a member of our cross-firm Brexit team.
This sometimes results in positions which are supported by VAT legislation but where HMRC’s view is contrary, or where the other party to a transaction takes a different view, or where the technical area is itself highly uncertain.
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Today’s announcement was short on VAT measures, when it might have been expected that the standard rate of VAT would be increased and the rate of VAT on energy and fuel would be reduced.
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On 1 July 2021 the VAT rules for trading in the EU changed significantly. Suppliers, both EU and non-EU, are now required to register for VAT in every EU member state to which they deliver goods and precise steps should be actively taken to avoid this.
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Due to the EU’s new standard contractual clauses for the transfer of personal data to third countries (“SCCs”) being implemented after the UK left the EU, some UK businesses have been left in the difficult position of trying to work out which of the two current sets of SCCs they should use when transferring personal data overseas.
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