The European Green Deal: The challenges for industry
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Businesses facing Brexit VAT pressures Businesses facing Brexit VAT pressures New VAT rule on imports could affect the UK’s competitiveness due to cash flow disadvantage
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EU and UK businesses face additional costs and compliance burdens following the Trade and Cooperation Agreement made between the two parties, according to tax specialists.
“Moving straight to import VAT provides a significant cash flow disadvantage,” says James Ross, partner at law firm McDermott Will & Emery. “You’re having to account for VAT earlier than you would have.”
While the UK and the EU have agreed that there will be no tariffs or quotas on the movement of goods as long as they meet the relevant rules of origin, there remain important changes to the tax system in regards to imports and exports.