Businesses involved in the importing and exporting of goods to and from the European Union (EU) need to take urgent action to ensure their post-Brexit VAT and Customs Duy arrangements are in order to prevent mistakes and costly delays, as the prime minister confirms that time is running out to come to an agreement on a trade deal.
With Boris Johnson giving a deadline of October 15th for a post-Brexit trade agreement with the EU, a leading VAT expert is urging businesses to act now to establish any changes to its VAT treatment that will be required once the UK leaves the EU. Rob McCann, Director and Founder of thevatpeople.co.uk, the UK’s leading VAT consultancy, warned that businesses trading with the EU could face significant issues if they fail to comply with their obligations following the country’s departure from the EU.
Rob has said that if action is not taken now, then businesses will potentially face being non-compliant with the new post-Brexit VAT arrangements, which will lead to significant disruption, as well as the potential of penalties by the relevant EU or UK authorities. He also urged businesses to take action to avoid facing inefficiencies from a VAT point of view if the relevant issues are not given due consideration.