TIMEVAT is monitoring the UK exit from the EU very closely. We are prepared to assist foreign businesses in their maintaining their British market – even if it ends with a Hard Brexit (UK leaving the EU without an agreement) on October 31st. 2019.
The consequences of a Hard Brexit are immense and quite difficult to grasp in their complexity. Many businesses will discover that the consequences differ depending on their specific activity and the current in-house knowledge of sales to 3. countries (non-EU). TIMEVAT recommends that all businesses having sales to or from the UK seek information and assistance either with the local tax authority (they might have prepared a Brexit tool) or with a professional partner such as TIMEVAT.
You can find the HMRC Brexit tool here
Often a challenge is also a possibility but according to a newly leaked document prepared for the British ministers, the challenges might be many and the possibilities difficult to see and act upon in the near future. According to this leaked document there is little doubt that a Hard Brexit will create economic and political unrest both in the UK and the EU.
The Irish Examiner has an article on the document and the issues it describes. Read the article here.
Contact TIMEVAT directly for assistance with export to and from the UK, VAT registrations and any statutory reporting.
