29 June 2016
On 23 June 2016 the UK public voted to leave the EU.
With the withdrawal process likely to begin in September or October 2016 and the possibility of at least 2 years’ worth of negotiations to undertake with the EU in order to leave, there is likely to be no change or effect to the EU VAT compliance of any companies doing business to, or from the UK until at least the end of 2018.
In relation to the VAT compliance rules specifically, these will remain the same until the UK leaves the EU and at that point new legislation governing VAT treatments will be put in place by the UK Government. Until the new legislation is implemented it will not be clear how this will affect UK VAT registered entities going forward despite speculation.
We at Fiscal Solutions will make sure that our affected clients are fully briefed on all changes as they are announced.