Business News
Chancellor announces tax and spending plans in Budget
As the country continues to deal with the COVID crisis, Chancellor Rishi Sunak announced in his Budget today a broad range of measures to support businesses and households alongside details of how the ongoing support shall be financed.
The new VAT rules for construction sector start on 1st March 2021
New VAT rules are due to come into effect today which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”. The new “reverse charge”...
Government announces SME Brexit Support Fund
The Government has announced a £20 million SME Brexit Support Fund to support SME businesses adjust to new customs, rules of origin, and VAT rules when trading with the EU. The SME Brexit Support Fund is open to SMEs who only trade with the EU and are therefore new to...
New rules governing the VAT treatment of goods arriving into the UK from Overseas Sellers
In this Brexit article, we outline the new rules which affect non-UK established sellers (i.e. sellers established in the EU 27 Member States or other third countries). With effect from 1st January, 2021 overseas sellers may have an obligation to register and account...
Brexit Trade and Co-Operation Agreement
The end of the Transition Period with the EU arrived at 11pm on 31st December 2020. A Trade and Co-Operation Agreement has been reached between the UK and the EU, which came into effect on 1st January 2021. We have considered some of the post-Brexit changes and...
Supplying services to businesses in the EU
In this Brexit article, we look at the rules which will apply to the VAT treatment of services being supplied to businesses in the EU (B2B supplies). The good news is that the rules for services will largely stay the same after 1st January 2021 (unless some changes...
Supplying services to consumers in the EU
In the lastest of our Brexit series, we look at the position regarding the supply of services to EU consumers. Telecoms, broadcasting & electronic services (TBE) Since 2015 there has been a system called ‘VAT MOSS’ which has enabled UK businesses to declare and...
Selling goods to consumers in the EU and visitors to the UK
Continuing our Brexit series, we now turn to subjects relevant to businesses selling goods to consumers belonging in the EU and retailers selling to visitors to the UK. You may be aware that, currently businesses selling and delivering goods to EU consumers may have...
Selling goods to businesses in the EU
In this latest Newsletter of our Brexit series, we turn to the subject of selling goods to businesses in the EU. From 1st January 2021, all businesses that are exporting goods to businesses in the EU are required to make Customs declarations via the National Export...