If the UK leaves the EU on 29 March 2019 without a deal, the government’s aim will be to keep VAT procedures as close as possible to what they are now, providing continuity and certainty for businesses. However, there will be some specific changes to the VAT rules and procedures that apply to transactions between the UK and EU member states.
Businesses will need to prepare for VAT changes in the following areas:
- importing goods from the EU
- exporting goods to the EU
- supplying services to the EU
- interacting with EU VAT IT systems such as the VAT Mini One Stop Shop (MOSS)
Full guidance on the above can be found on HMRC’s website.
Please get in touch if you believe your business may be affected by any of these changes and you would like to discuss these in further detail.