30 November 2021
During November 2021, HM Revenue & Customs (HMRC) published details of an issue that non-resident businesses, who are VAT registered in the country, may face when they are due a UK VAT refund.
Currently, HMRC are only able to repay these VAT amounts to non-resident businesses in the form of a payable order (cheque) and following the UK's exit from the European Union (EU), many banks and countries will no longer accept these UK payable orders.
To overcome this issue, HMRC are creating a process that will allow affected businesses to request all future VAT repayments to be made directly to their bank account, and in order to use this new system, non-resident businesses will need to make an online application to HMRC to be accepted.
Fiscal Solutions will be keeping an eye on the progress that HMRC make and will reach out to any affected clients when HMRC open their online application process
Are you trading globally? Whether you require basic VAT advice or specific VAT compliance support, Fiscal Solutions can help. Our team of multi-lingual experts are knowledgeable in all the different VAT rules in Europe and around the world.
We help you simplify today’s complexities and address tomorrow’s challenges. The values we represent, and our consistent advice, mean you can trust Fiscal Solutions to do the right thing – for you and your organisation.
LATEST NEWS
E-invoicing hub
Navigating complexity and preparing for the digitalisation of VAT and the future of tax Following compromises and modifications to the original proposal, the...
SEE MORE
LATEST NEWS
EU finance ministers agree to introduce new customs...
In November, the Economic and Financial Affairs Council (ECOFIN) agreed to introduce a customs charge on low-value parcels valued below €150. The charge...
SEE MORE
LATEST NEWS
UPDATE: Swiss government confirms likely delay for the...
The Swiss tax authorities have confirmed that the increase in the standard VAT rate from 8.1% to 8.8% will now be postponed until 2028. This VAT rate increase...
SEE MORE