UK and EU businesses need to rise to the VAT compliance challenge that Brexit poses. Now more than ever, it’s time to review supply chains and VAT records to trade with EU Member States. The transition period ended on 1 January 2021 and, as a result, trade between the UK and EU is now governed by the Free Trade Agreement announced on Christmas Eve 2020.
While many businesses prepared for Brexit’s impact on customs, many are yet to formulate a strategy to ensure VAT compliance. This is key to the success of any Brexit plan-of-action for the protection of supply chains, allowing companies to continue to trade confidently across Europe.
Businesses on both sides of the channel have much to do to prepare. We know the uncertainty Brexit generates is difficult to manage, so businesses need to be ready.
During this confusion, we can deliver clarity about the Brexit impact on your VAT compliance obligations.