With the deadline of 31st October 2019 fast approaching, the UK has still not made any clear announcements on what the next steps are in relation to whether there will be a no-deal Brexit or an extension to the current deadline.
It is important that businesses consider how a no-deal scenario could affect them and begin to take steps to mitigate against risks.If the UK leave the EU without a deal the government’s aim will be to keep VAT procedures as close as possible to what they are now in order to provide continuity and certainty for businesses.
However, if the UK leaves the EU with no agreement, there will be some specific changes to VAT rules and procedures that apply to transactions between the UK and EU Member States.
Source: taxbackinternational.com
