Many UK businesses face serious consequences for not adhering to auditing requirements. If you’re a business owner or a decision-maker, it’s crucial to be in the know. While a key area for many businesses in the UK, auditing can be stressful for owners and managerial staff who are unsure of what their legal and regulatory obligations are.

One (potentially large) benefit of Brexit is that from 1st January 2021 residents of England, Scotland and Wales shopping in the EU (or Northern Ireland) are eligible to shop tax-free on certain goods as a private consumer.

Following the cessation of the Brexit transition period on 31 December 2020, the appeal of alcohol stocking holidays has dropped. There is no longer the option to fill up trailers and car boots with countless bottles of wine and champagne and openly transport them through customs with a wide grin.

Since 15 March 2021, smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU. 

Small and medium sized businesses that trade with the EU are now able to apply for grants of up to £2,000 to help them adapt to the new post-Brexit customs and tax rules.

Sage has introduced new tax codes to make the process of recording EU and non-EU imports easier, following the announcement of the Brexit agreement.

What is postponed accounting?

Postponed accounting means that the importer does not pay import VAT when goods arrive at a port or airport instead the VAT is deferred.

Even though many of the uncertainties that have plagued UK politics during 2019 are still to be decided, at least the hiatus in parliament has been resolved; the Conservatives now have a working majority and we can expect action on a number of fronts. 

It looks increasingly likely that we are heading for a no-deal Brexit. Taken literally, this means that our present relaxed trading relationship with customers and suppliers in the EU will cease at the end of October this year.

The number of businesses being wound up has soared to the highest level for five years as firms fight to deal with rising interest rates and Brexit disruption.

The number of businesses being wound up has soared to the highest level for five years as firms fight to deal with rising interest rates and Brexit disruption.

Against a backdrop of continuing uncertainty over Brexit, the Chancellor’s speech today was mainly concerned with economic matters and the government finances, which are very much dependent on what finally happens regarding Brexit.

Against a backdrop of continuing uncertainty over Brexit, the Chancellor’s speech today was mainly concerned with economic matters and the government finances, which are very much dependent on what finally happens regarding Brexit.

According to a recent announcement on the GOV.UK website, preparations include:

• Recruitment of 700 new staff to work on EU Exit policy using additional funding allocated by HM Treasury for Brexit preparedness.
 

According to a recent announcement on the GOV.UK website, preparations include:

• Recruitment of 700 new staff to work on EU Exit policy using additional funding allocated by HM Treasury for Brexit preparedness.
 

HMRC has advised that in the event of a no-deal Brexit, UK businesses will need a UK EORI number to continue trading with the EU.
 

This is not the place to discuss your personal options, but this is an ideal time to consider your business and personal financial planning options for 2019.

What are your options?

This is not the place to discuss your personal options, but this is an ideal time to consider your business and personal financial planning options for 2019.

What are your options?

There are a number of tax risks arising from Brexit-driven relocation, but one of the most significant may turn out to be VAT. So, what VAT issues could be causing insurers sleepless nights amid the dark uncertainty that is the current Brexit negotiations?

As a financial centre, London has long had an ‘offshore’ feel about it. Post-Brexit, those offshore characteristics are likely to strengthen, with implications for the UK’s regulation, taxes and infrastructure.
 

With the Prime Minister Theresa May indicating that there is insufficient time to replace European bodies with a new British regulatory regime, the implications of Brexit look to have limited short term impact on Financial Services regulation. However, beyond March 2019, what would a hard or soft Brexit look like in terms of future regulation?

Banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU need to provide the Prudential Regulation Authority (PRA) with information on their Brexit contingency plans by 14 July.



 

Research by Moore reveals that more than a third of local businesses (38%) said they were already suffering a negative impact as a result of the Brexit vote and just 8% of businesses in the region felt they had benefitted since the referendum result (compared to 16% nationally.)
 

One of the biggest challenges arising from Brexit is the management of exchange rate fluctuations.  For many owner managed businesses (OMBs) this can be something that they are not entirely comfortable with. 

The advantages of the fall in the value of sterling post-Brexit may not be able to overcome the other strong headwinds the sector faces, resulting in 1,800 UK hotel companies having at least a 30% chance of going insolvent within the next three years.

Senior Partner, Dickon Sandbach comments on Brexit