Brexit for accountants: what we know so far

1 Apr 2019

A roundup of Brexit legislation, guidance and statutory instruments including no deal Brexit advice for auditors and accountants, HMRC and BEIS extend post Brexit guidance for SMEs, lost limited liability status and import duties to be slashed in the event of a no deal

Tax

HMRC sets out rules for postponed VAT accounting if no deal Brexit

HMRC has issued guidance for importers and exporters on how a postponed VAT accounting system would work in the event of no deal scenario to prevent businesses having to immediately pay UK VAT on imports from the EU.

HMRC has confirmed that in the event the UK leaves the EU without a deal, from 11pm GMT on 29 March 2019, businesses registered for VAT in the UK will be able to account for import VAT on their VAT return rather than pay when, or soon after, the goods arrive at the UK border.