You can continue to use the EU VAT refund system to claim a VAT refund on expenses incurred before 1 January 2021 in EU member states, until 11 pm on 31 March 2021. You will not be able to use the EU VAT refund system to claim VAT refunds on expenses incurred in an EU … Continue reading Brexit: What Are the Changes to EU VAT Refunds?
From 1 January 2021, if your business is registered for VAT in the UK, you'll be able to account for import VAT on your VAT Return. Postponed accounting will be introduced to allow to a phased implementation of the customs declaration until 30 June 2021. This would mean that when the goods enter the UK, you … Continue reading Brexit: Accounting for Import Tax on Your VAT Return
From 1 January 2021, the UK will leave the European single market and customs union, which will impact the way businesses transact with the EU. This will result in many changes in how you account for VAT on goods you import or export from the EU. You'll need to make customs declarations when you import … Continue reading Brexit: What Are the VAT Changes for Goods Purchased From Overseas?
From 1 January 2021, you'll need to make customs declarations when exporting goods to the EU. These rules currently apply to shipping goods to the rest of the world, including Switzerland, Norway, Iceland and Liechtenstein. You can make the declarations yourself, but most businesses use a courier, freight forwarder or customs agent. These changes are … Continue reading Brexit: What Are the VAT Changes for Goods Sold to Overseas Customers?
From 1 January 2021, you will need an Economic Operator Registration and Identification (EORI) number to move goods between the UK and both EU and non-EU countries. It takes 5 to 10 minutes to apply and can take up to a week to get your number. To apply you need your: VAT number and the … Continue reading How to Apply for an EORI Number?
From 1 January 2021, you will need an Economic Operator Registration and Identification (EORI) number to move goods between the UK and both EU and non-EU countries. Your EORI number should begin with GB. If you already have a number and it doesn’t start with GB, you will need to apply for a new one. … Continue reading What Is an EORI Number?
The UK has left the EU, and the transition period after Brexit comes to an end on 31 December 2020. If your business trades with the EU, there will be changes to UK-EU trade at the UK border, including customs, tariffs and VAT. Here are a few things you need to be aware of: You … Continue reading How Do I Prepare My Business for Brexit on 1 January 2021?
Once you have submitted your tax return, you will know how much you are due to pay by 31 January. To arrange an instalment plan (a 'time to pay' agreement), you will need your Government Gateway account details to log on to HMRC's online tool. You must meet all the following criteria to be eligible: No outstanding … Continue reading How Do I Set up a Payment Plan for My Tax Liability?
A Personal Tax Account is a safe and secure online account for you to check, update and manage your details with HMRC. It has all of your tax information in one place, enabling you to make changes or review upcoming payments. To set up your Personal Tax Account, you will need to do the following: … Continue reading How to Set up a Personal Tax Account
This post was originally published on 22 December 2020 and updated on 13 January 2021 for freshness, accuracy and comprehensiveness. The Welsh Government announced a new grant explicitly aimed at Hospitality, Tourism and Leisure businesses or supply chain companies. The Economic Resilience Fund (ERF) Sector-Specific Support package will support those who have experienced more than … Continue reading Economic Resilience Fund: Sector-Specific Support