What will be the main impact of Brexit on your business?
The main consequence of Brexit is related to your VAT number. Direct VAT registration is no more possible. From 1/1/2021, you will have to appoint a legal VAT Representative. Any UK business with a foreign VAT registration in the EU may now face the obligation to appoint a VAT representative in most of the 27 EU states. The tax representative undertakes to complete the formalities required of the person who has appointed him (making the statement of establishment, book-keeping, signing turnover returns and paying the tax). The tax representative is legally responsible for meeting his obligations and legally liable for the tax owed. The tax representative has the same right as all other taxable person.
BEFORE BREXIT
You can use different VAT regime for cross-border supplies and movement between EU Member States:
- Exemption for intra-EU delivery of goods
- Call-off stock simplification
- Triangulation regime
- Non-transfer of goods sent for processing and returned in the UK
AFTER BREXIT
You are still able to use different all VAT regimes for cross-border supplies and movement between EU Member States:
- Exemption for intra-EU delivery of goods
- Call-off stock simplification
- Triangulation regime (with any EU VAT n° aside from your UK N°)
- Non-transfer of goods sent for processing and returned within EU
What is our solution?
In order to ascertain that, each UK company should review its operations under the VAT microscope.
We offer a two steps process:
1. Request our Brexit VAT booklet to review and compare operations and identify VAT impacts
2. Request a free video call with one of our VAT expert to challenge or validate your approach which will be concluded by a VAT summary, i.e. a short description of the best solution adapted to your business.