Wilkins Kennedy highlight some issues and possible solutions for businesses trading in and/or moving goods.
Although the final outcome and timeline for BREXIT is uncertain, there are some steps businesses can consider in their BREXIT planning. A “hard BREXIT” with no deal on 29 March 2019 or at the end of the Transitional Period would have an immediate impact as the old pre-1993 Customs Borders will effectively be restored.
The biggest impact will undoubtedly be felt by businesses trading in goods with other EU countries and, for businesses which have not previously had to manage UK import and export processes, the changes could be daunting.
The points outlined below are a selection of issues/solutions which businesses should consider but these will take on greater or lesser significance depending upon the structure and nature of the business.
We have a team of Indirect Tax specialists who can help businesses to assess their current position and what options and solutions may be available depending upon the final form of BREXIT. To find out more, contact our specialist Indirect Tax team.
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The increase in popularity of Airbnb and similar accommodation providers raises the question of how these kinds of activities should be dealt with from a VAT perspective. Andy Dawbarn, Indirect Taxes Partner at Wilkins Kennedy, considers the VAT implications arising for users of these types of sites…
Charitable and non-profit making bodies are often under pressure to maximise their income-generating activities through exploiting their assets to the maximum possible extent. Whilst the reason for doing this is entirely understandable, the associated potential tax consequences can be overlooked, which can, in turn, give rise to unexpected tax liabilities. In this article, John Howard, Partner and head of Not-for-Profit at Wilkins Kennedy provides some thoughts on the issues arising.
HMRC has announced a one year delay on the implementation of VAT reverse charge to 1 October 2020. Whilst this is good news for construction businesses who were not yet prepared, it may cause additional work for those businesses who were ready to go.
Introduction of the reverse charge for construction services has been delayed and now takes effect from 1 October 2020. A business supplying goods or services is normally required to charge VAT and declare this to HMRC. However, with some UK specified supplies, the supplier does not charge and collect VAT on the supply. Instead, the customer is required to account for output tax to HMRC. This VAT is recoverable, subject to the normal rules and the mechanism is called the reverse charge.
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