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HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union. Businesses registered for VAT in the UK can account for import VAT on their VAT Return for goods imported into: Great Britain...
27 lenders have now signed up for the scheme. The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to larger businesses affected by coronavirus (COVID-19). The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million....
Importers and exporters will need to complete customs declarations next year, regardless of whether the UK agrees a free trade deal with the EU. To complete declarations you will need to: Have a GB Economic Operator Registration and Identification number (EORI number) Decide if you will...
HMRC have extended the deadline for customs training funding. Applications are open until 30 June 2021 (or until all funding is allocated) The funding can be used towards helping businesses train staff in making customs declarations. The funding is open to businesses that are established in or have...
From 1 January 2021, the UK will apply a UK-specific tariff to imported goods. This UK Global Tariff (UKGT) will replace the EU’s Common External Tariff, which applies until 31 December 2020. The UKGT will apply to all goods imported into the UK unless: An exception applies,...
The Government produced guidance in July 2020 outlining the implementation of Border controls in three stages for importing and exporting goods. This document outlines the processes for moving goods between GB and the EU from 1 January 2021 onwards, including processes to be introduced in April...
Many businesses who trade with the EU are no doubt watching the Brexit negotiations closely. Whether or not there is a free trade agreement, many of the administrative changes for trade and travel are already known and it is important you plan ahead for these. The...
The Office for National Statistics has announced its latest experimental data on the economy which shows nearly half (48%) of currently trading businesses reported that their turnover had decreased below what is normally expected for this time of year. This is not a surprise given...
On 5 November the Chancellor announced increased financial support and made policy announcements summarised below, full details can be found on the economic support factsheet. MORTGAGE AND LOAN PAYMENT HOLIDAYS Mortgage payment holidays will no longer end 31 October. Borrowers who have been impacted by coronavirus and...
A new Capital Gains Tax reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020. The new system as originally announced required the disposal to be reported and any Capital Gains Tax on the disposal...