The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note spells out a number of the actions that businesses should have considered from an indirect tax perspective in connection with Brexit and the end of the implementation period (which ended on 31 December 2020).
This guidance note needs to be read in conjunction with the Checklist ― Brexit ― indirect tax action plan.
For an overview of VAT and Brexit more broadly, see the Brexit ― overview guidance note.
Businesses involved in any way with Northern Ireland should consider whether its special status under the terms of the Brexit Withdrawal Agreement has implications for their activities. The status of Northern Ireland is covered in the Northern Ireland ― overview guidance note.
A review of the cross-border supply chains should have been performed in order to ascertain the following information:
what is the movement of the goods, including:
all of the countries involved in the supply chain
the physical flow of the goods from start to finish
the contractual parties involved and where they are established
are goods supplied and installed overseas?
are goods stored in overseas locations?
has the UK entity previously been involved in any triangulation transaction involving EU businesses?
what are the shipping / Incoterms used in respect of the goods for each supply chain. See Notice 60
do any existing contracts specify which party is required to deal with any customs formalities / be named as the importer of record? If the contact is silent on this point, this should be noted
do any contracts have any short delivery times that could be impacted by delays at a customs border?
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