After coming to terms with COVID-19, learning and living with it for almost a year, it is not surprising that Brexit has been put on the back burner by many.
As January 1, 2021 inches closer, the nation’s decision to leave the EU is becoming a stark reality. Businesses will have to deal with a raft of changes, a number of them relating to VAT compliance.
In order for businesses to keep up with these changes, HMRC have released an online questionnaire which identifies changes that are relevant and may apply to you and your business.
While the UK Government and EU continue to leave us all bemused with their inability to reach a final agreement, we are aware that new requirements have been put in place that will impact on the transportation of goods between the UK and the EU.
Businesses will have to adapt to these new regulations. Make sure you have your EORI number (Economic Operator Registration and Identification Number) before January 1, 2021 otherwise delays in the release of goods may result. Every business will need one to transit goods between the UK and EU countries from January.
The EU is also looking to introduce a scheme to minimise the complications facing companies based outside of the EU who supply in to it, such that they no longer have to register in each EU country they supply. These changes have yet to be finalised.There are also a number of proposed changes which will impact on e-commerce trade between the UK and EU.
It is important for businesses to keep up to date on the changes that will apply in the EU just as much as those driven by UK legislation.
Hawsons’ knowledgeable tax team keep on top of the ever-changing legislation and share their thoughts through online forums and social media posts. The firm recently held its Winter Tax Seminar on Zoom where the team focused on Capital Gains Tax, Corporate Tax and Personal Tax changes.
Hawsons’ next event is being hosted by Craig Burton and Paul Hutchings, who will be giving a Financial Reporting update which will take place on Zoom on Thursday December 10, 2020.
The forums and seminars are easily accessible, you can sign up to the Newsletters and Events via the website www.hawsons.co.uk
If you are interested in joining Hawsons for any of the winter events or have any specific tax queries, contact David Cairns, Aaron Hemmington or Gareth Davies on 01604 645600.