• Skip to main content
  • Skip to footer
SBCA Chartered Accountants

SBCA Chartered Accountants

Chartered Accountants in Preston

Call Us Now 01772 204102

  • Facebook
  • LinkedIn
  • Twitter
  • Accountancy & Tax
  • Business Growth
  • Private Wealth
  • Who We Help
  • About
  • Our Team
  • Client Testimonials
  • Contact
  • Client Login

Brexit: VAT’s It All About?

It’s been over a month since the EU-UK trade deal changes came into effect and the Brexit transition period came to an end.

25th February 2021 by Chris Bond

It’s been over a month since the EU-UK trade deal changes came into effect and the Brexit transition period came to an end. However, during this time there has been a lot going on: the forever looming deadline of self-assessment and ANOTHER Covid-19 #3 lockdown, bringing more stress, more pressure and more challenges to work through.

With all this happening, it’s very easy to take your eye off the Brexit ball and the changes that are affecting your business today.

So, as a helpful reminder, we’ve produced a quick guide to make sure you have considered specifically the tax points which could be impacting your business.

WHAT’S CHANGED?

Well, to keep it as brief as possible, since the UK left the EU on 1st January, changes have been made to the way that the UK trades with the EU, as well as Great Britain trading with Northern Ireland.

Now, there are two big main changes:

  • Some of the well-known EU schemes and rules have been stopped since the 1st January 2021, such as the Mini One Stop Shop scheme (MOSS) – now replaced with a non-Union MOSS scheme, distance selling and triangulation.
  • Trading is now referred to as imports and exports, and broadly follows the principles applied to the rest of the world (with some exceptions of course – it wouldn’t be tax without this!).

THE IMPACT ON BUSINESSES

At first glance, this might not look like a huge amount of change, but the rules, and nuances to consider are complex. Check out this infographic for the core business activities you could be doing, that could be affected by Brexit.

infographic

LET’S MAKE LIFE EASIER

You don’t want to get bogged down in VAT and Brexit, trust us, we have and it is not pretty. That’s why we’ve produced a quick guide to go with the image above.

Take a look.

If your business is doing any of the above activities, get in touch, as there could be tax implications we need to consider for your business.  

Download Guide

It’s critical you ensure your VAT is being treated correctly and so we recommend specialist advice is obtained. Without advice there is a risk of compliance issues, which can be expensive and very time consuming.

For advice implementing VAT changes in your business, please book in a call with Chris so that we can discuss your options.

Category iconBusiness Management

Xero Gold Partners
ICAEW Chartered Accountants
Clear transparent pricing champions

Footer

Get Your Free Copy of Chris’s Book

Reflect Dream Do

Quick Links

  • Get in touch
  • Book Your Discovery Call
  • Client Testimonials
  • Blog
  • Meet Our Amazing Team
  • Work for us
  • Time. Money. Headspace.

Get Your Free Tax Planning Checklist

Business Tax Planning Checklist

Join The Preston Business Community

Preston Business Community

The Latest From Our Blog

Tax Time

Tax Time – Dates for May 2022

21st April 2022 By Chris Bond

THE UPS AND DOWNS OF SPRING STATEMENT 2022

The ups and downs of spring statement 2022

24th March 2022 By Chris Bond

Tax Time

Tax Time – Dates for April 2022

21st March 2022 By Chris Bond

Read more from the blog

We use telephone tracking numbers to link a user’s call to the marketing channel that they originated from. This is done using cookies, you can choose to decline cookies using your browser settings if you would prefer not to be tracked. We may record calls for training or monitoring purposes.

This firm is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.

Copyright © 2022 SBCA Chartered Accountants · Privacy Policy · Terms & Conditions · Site Design by Simply Smarter Marketing