Brexit


Press Coverage | Companies Continue To Plan In Times Of Uncertainty

Although only one in four businesses have started ‘scenario planning’ for Brexit, many senior professionals are beginning to take steps to mitigate the risks of this uncertainty.

Our  recent survey revealed that, while doubts around the outcome of Brexit negotiations continue to discourage many companies from future-planning, the survey shows that over a quarter of respondents say their company has a Brexit strategy in place or is currently formulating one.

A summary of the results have been featured here on:

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Brexit and VAT

The UK’s VAT rules are set down mainly within the VAT Act 1994, which is derived from the EU VAT Directive 2006/112/EC (“EVD”). The EVD has direct and over-riding effect on all EU Member States but local legislation is required because the EVD allows for countries to pick and choose certain rules. As a result, the local VAT rules across the EU are not always consistent.

Why is this important when thinking about Brexit? It’s important because once the UK leaves the EU it will theoretically (but this is not certain) no longer be bound by the EVD. This means that the UK could have free reign to amend its VAT rules as it sees fit.

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Accountancy Age | EU tax authorities: Anti-fraud measures & a grab for cash

Tackling VAT fraud with increased reporting measures across Europe is integral to understand right now. To date, 13 countries have implemented these measures in attempt to combat fraud and close the “The VAT Gap”.

Nicholas Hallam has discussed the measures being implemented by EU Member States and how these may affect the UK taxpayer in an article for Accountancy Age. The article titled “EU tax authorities: Anti-fraud measures and a grab for cash” explains what is already in place, as well as proposed measures & highlights how the tax authorities are working together (MARD).

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Supply Chain Digital | What impact will Brexit have on supply chain operations?

With uncertainty surrounding all facets of Brexit, it is prudent to consider the eventualities that can effect different business processes.

Nicholas Hallam has written an article, featured in Supply Chain Digital, which analyses the impact that Brexit could have on supply chain operations from a; Political, Economic, Sociological, Technological, Legal, and Environmental (PESTLE) perspective.

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Brexit | How will VAT be impacted?

The UK’s VAT rules are set down mainly within the VAT Act 1994, which is derived from the EU VAT Directive 2006/112/EC (“EVD”).

The EVD has direct and over-riding effect on all EU Member States but local legislation is required because the EVD allows for countries to pick and choose certain rules.  As a result, the local VAT rules across the EU are not always consistent.

Why is this important when thinking about Brexit?  It’s important because once the UK leaves the EU it will theoretically (but this is not certain) no longer be bound by the EVD.  This means that the UK could have free reign to amend its VAT rules as it sees fit.

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UK | Brexit updates on Customs arrangements

The UK government has published a position paper setting out its view on the Future Customs Arrangements it would like in place following Brexit.

This is one of several papers being issued which set out the Government’s desired outcome for Brexit across several areas.

This paper notes that in 2016, UK imports from and exports to the EU totalled £553bn via over 200,000 businesses.  However, that total is likely to be bigger as it only considers VAT registered businesses.

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Has Brexit killed the EU’s tax harmonisation plan

Nicholas Hallam’s latest Financial Director article looks at the issues surrounding the reasons Britain vote to leave the EU a couple of months ago.

While article 50 has yet to be triggered, the appointment of David Davis as Brexit minister points to the UK government’s intentions of follow through on the result of the vote. The angry ‘Remainers’ have been blaming a “spasm of frustration and anger at a perceived deluge of immigration” as the reason they narrowly lost the vote, but as Nick writes, it appears that the biggest motivation for Leave voters may actually have been “the principle that decisions about the UK should be taken in the UK.”

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