24 August 2018 UK Government's guidance on preparing for "No Deal" on Brexit outlines indirect tax implications The United Kingdom (UK) Government published its first batch of technical notices on August 23, setting out some of its unilateral actions and recommended steps for businesses in a "No Deal" scenario on Brexit. The steps announced in these notices will help reduce some friction in the event of a No Deal scenario, mostly for companies that import to the UK. In particular, allowing for value added tax (VAT) to be dealt with in VAT returns rather than to be paid at the border will reduce cash flow impacts, particularly for smaller firms; and a selective approach to customs checks will help reduce the risk of delays and costs at the border. Document ID: 2018-1695 |
