VAT worries post Brexit

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Small firms struggling with Brexit VAT rules The Federation of Small Businesses has said that its members are facing “significant issues” as a result of leaving the EU VAT area, with one tax advisory firm noting that it was receiving up to 200 calls a week from worried companies. Selwyn Stein, managing director of VAT IT, a firm that helps reclaim the sales tax, comments: “They are calling us in a panic because their goods have been stopped and they don’t know what to do. They have become fearful about trading so are stopping shipments until they have a resolution.” A Cabinet Office spokesperson said help was available via a dedicated HMRC phone line and online. “Now the UK has left the EU customs union and single market, there are new rules and processes businesses will need to follow,” they said. However, the systems form trading with the EU post Brexit are exactly the same as trading with non EU countries pre Brexit. In many ways life is now much simpler as there is just one set of rules to follow instead of two - one for the EU, one for non EU. From a trading perspective, the EU and non EU countries are treated exactly the same, so many of these fears are unfounded.

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