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How Will A No Deal Effect VAT Procedure

Below is our quick guide on how Brexit could effect VAT procedure. Make sure you understand how this will effect your imports and exports as you will have to understand these changes:

 

Imports:

  • Postponed accounting for EU imports
  • Importers will account for import VAT on their existing VAT returns

 

Exports:

  • Retain evidence that goods have been exported to EU member states
  • Remember tat the customs declaration system will be paperless
  • Exported goods to EU will be zero rated on commercial invoice
  • EC sales list will no longer be used to declare exports to EU
  • Make sure your company’s export software is adjusted to reflect changes
  • Register for AEO for imports and exports.

 

 

The Possible Impact of BREXIT on Trade

No one knows what the full impact of Brexit will be but without a deal, something that is looking increasingly likely, the below graphic are just some the unknowns that should be considered for your import-export business:

Impact of Brexit