National Cloud Accountant and Bookkeeping Service | 246 Godstone Road, Whyteleafe, Surrey, CR3 0EF | 0845 388 2298 | 01883 819 568 | info@cloudbookkeeper.co.uk

All posts in Hot

HMRC update partnership pack: preparing for a ‘no deal’ EU exit

BREXIT – British withdrawal from the European Union. Following a referendum held on 23 June 2016, in which a majority of votes cast were in favour of leaving the EU, the UK government intends to invoke Article 50 of the Treaty on European Union by the end of March 2017. This, within the treaty terms, would put the UK on a course to leave the EU by March 2019.

HMRC have updated their partnership pack on G‌O‌V.U‌K to help businesses plan for the possibility of a ‘no deal’ EU Exit.

The third edition of the pack is available to view here: https://www.gov.uk/government/publications/partnership-pack-preparing-for-a-no-deal-eu-exit.

This pack includes information from, and directs people to, 5 online guides, which provide the information on the steps UK businesses trading with EU need to take now in order to plan for a no deal scenario:

  • Guide 1 – Get a UK EORI number to trade within the EU
  • Guide 2 – Exporting and importing goods if the UK leaves the EU with no deal
  • Guide 3 –  Declaring your goods at customs if the UK leaves the EU with no deal
  • Guide 4 – Customs procedures if the UK leaves the EU with no deal
  • Guide 5 – Moving goods to and from the EU through roll on roll off locations including Eurotunnel.

Included within the partnership pack there is a section providing an update on how VAT for businesses would be affected.  Some of the key points provided in the pack are:

  • The UK will continue to have a VAT system after it leaves the EU. The revenue that VAT provides is vital for funding public services and the VAT rules relating to UK domestic transactions will continue to apply to businesses as they do now.
  • If the UK leaves the EU on 29 March 2019 without a deal, the government’s aim will be to keep VAT procedures as close as possible to what they are now. However, there will be some specific changes to the VAT rules and procedures that apply to transactions between the UK and EU countries.
  • In the VAT for businesses technical notice, the government has announced that in a ‘no deal’ scenario it will introduce postponed accounting for import VAT on goods brought into the UK. This means that UK VAT registered businesses importing goods to the UK will be able to account for import VAT on their VAT return, rather than paying import VAT on or soon after the time that the goods arrive at the UK border. This will apply both to imports from the EU and non-EU countries.
  • If the UK leaves the EU without an agreement, VAT will be payable on goods entering the UK as parcels sent by overseas businesses. The government set out in the Customs Bill White Paper (published October 2017) that Low Value Consignment Relief (LVCR) will not be extended to goods entering the UK from the EU. This note confirms that if the UK leaves the EU without an agreement then LVCR will no longer apply to any parcels arriving in the UK. This aligns the UK with the global direction of travel on LVCR. This means that all goods entering the UK as parcels sent by overseas businesses will be liable for VAT (unless they are already relieved from VAT under domestic rules, for example zero-rated children’s clothing). For parcels valued up to and including £135, a technology-based solution will allow VAT to be collected from the overseas business selling the goods into the UK.
  • If the UK leaves the EU without an agreement, the UK will stop being part of EU-wide VAT IT systems such as the VAT Mini One Stop Shop. Details for specific EU-wide VAT IT systems is set out in the VAT for business technical notice.

For further details please click here.

This Article was taken from the iab.org website, for the original article please follow this link : www.iab.org.uk

Taking Making Tax Digital seriously!

Recent reports show that 40% of businesses in the UK are still unaware of the Making Tax Digital (MTD) initiative. To give an idea of how many that is, there are 1.1 million businesses that this will affect. Meaning that 440,000 business are unaware of a major change in the UKs tax system, which is rapidly approaching.

There is around 6 months till MTD takes effect, meaning businesses need to start preparing for it now. But with so many businesses still unaware, many are looking at potential fines and penalties for improperly filing their tax. Many believe that this issue is being caused by HMRCs lack of communication around the issue. HMRC have been assuring that a campaign to inform all those affected by MTD should be starting soon, but is 6 months before the deadline going to prove to be too little, too late.

For more information on MTD, so you know whether this will affect you or not, go to Making Tax Digital.

Cloud Bookkeeper is now officially MTD ready!

 

Cloud Bookkeeper are now officially MTD ready!

With great thanks to Xero, we can now assist any and all with queries and questions regarding the upcoming changes to the UK tax system,
Please feel free to get in contact for all of your MTD needs.

Sliced Gallery Post with Four Images

Etiam ultricies viverra dolor, eu convallis metus ullamcorper non. Maecenas suscipit gravida metus a venenatis. Duis vestibulum nulla at elit tristique, id porttitor justo rutrum. Maecenas libero lacus, molestie mattis nibh id, vestibulum rhoncus tortor. Proin dictum aliquam nisi sed suscipit. Donec est turpis, sodales quis felis vitae, ultricies consequat odio. Etiam mollis risus sit amet libero tristique volutpat.

Read more

Self Hosted Audio Post

Etiam ultricies viverra dolor, eu convallis metus ullamcorper non. Maecenas suscipit gravida metus a venenatis. Duis vestibulum nulla at elit tristique, id porttitor justo rutrum. Maecenas libero lacus, molestie mattis nibh id, vestibulum rhoncus tortor. Proin dictum aliquam nisi sed suscipit. Donec est turpis, sodales quis felis vitae, ultricies consequat odio. Etiam mollis risus sit amet libero tristique volutpat.

Read more

Audio Post with Iframe Embed Code

Etiam ultricies viverra dolor, eu convallis metus ullamcorper non. Maecenas suscipit gravida metus a venenatis. Duis vestibulum nulla at elit tristique, id porttitor justo rutrum. Maecenas libero lacus, molestie mattis nibh id, vestibulum rhoncus tortor. Proin dictum aliquam nisi sed suscipit. Donec est turpis, sodales quis felis vitae, ultricies consequat odio. Etiam mollis risus sit amet libero tristique volutpat.

Read more

Image Post

Etiam ultricies viverra dolor, eu convallis metus ullamcorper non. Maecenas suscipit gravida metus a venenatis. Duis vestibulum nulla at elit tristique, id porttitor justo rutrum. Maecenas libero lacus, molestie mattis nibh id, vestibulum rhoncus tortor. Proin dictum aliquam nisi sed suscipit. Donec est turpis, sodales quis felis vitae, ultricies consequat odio. Etiam mollis risus sit amet libero tristique volutpat.

Read more