145,000 UK businesses may be impacted. Act now to mitigate the risk.
The UK will leave the European Union at 11pm (GMT) on 29 March 2019, with over 145,000 UK businesses impacted by new customs, VAT obligations and costs – this much is certain.
It now also seems likely that the UK will leave the EU without any agreement on exit terms or future trade deals with the remaining 27 EU member countries (EU27) and the rest of the world.
Businesses must act now to mitigate the risk.
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Currently UK businesses suffering EU VAT charges on corporate travel and business expenses can easily recover the VAT incurred. If companies do not have a local VAT registration to submit the input VAT, they can instead file an ‘8th Directive’ online claim with HMRC. This covers VAT reclaims from any EU27 country.
Post Brexit, UK businesses will have to switch to the paper-based ‘13th Directive’ claim system that all other non-EU businesses use today. This takes considerably longer to complete and includes requirements to enclose paper copies of invoices.
Action must be taken now.
With most expense and corporate card systems now encouraging paperless environments, most UK companies often do not keep paper receipts any longer, it is of the utmost importance that businesses submit their VAT reclaim on time, to avoid the unnecessary loss of VAT reclaims post Brexit.
The last 8th Directive claim date for UK companies and non-EU companies with claims into UK will be 29 March 2019.
Don’t be left to pick up the pieces. Prepare now, and reclaim your VAT before it is too late.
Taxback International can provide a fast and free analysis to determine your VAT reclaim potential, and VAT compliance obligations.
We will ensure all 8th directive claims are submitted by March 29 2019, preparing your company for Brexit, and a change to 13th directive VAT reclaim.
We also ensure that your VAT registrations are updated in line with changing requirements and assess requirement for fiscal representation on your part.
We know that Indirect taxes such as VAT and GST can have a huge effect on your business. As VAT rates change sporadically keeping yourself informed can be difficult. Compliance is always crucial. That’s why our Indirect Tax Experts share their hand-picked news stories every day that you need to know. From breaking news to VAT changes and new EU legislation. We know that relevant information means better decision making. We aim to be your number 1 source for VAT and GST news.
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