Brexit
‘No deal Brexit’ guidance for contingency
‘No deal Brexit’ guidance: Contingency planning HMRC has issued ‘no deal Brexit’ guidance in the form of a Partnership Pack to help businesses carry out contingency planning and to help their customers, members and clients to: think about how they will need to adapt their business to comply with new systems, processes and controls assess the impact of the
No deal Brexit guidance and small business survey
Following the issue of some ‘no deal’ Brexit technical notices, in August, the government has issued further notices with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised. The second and third batches of notices cover topics such as passports, driving licences together with data protection and mobile
‘No deal’ Brexit guidance
‘No deal’ Brexit guidance The government has issued some ‘no deal’ Brexit guidance in for the form of technical notices, with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised. The government has published the first 25 notices. Brexit Secretary Dominic Raab was keen to emphasise that reaching
Implications of hung parliament
The result of the General Election has left Teresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Party (DUP) in Northern Ireland. This leads to a period of significant uncertainty for the country as the BREXIT negotiations are just about to start. Following the General Election there have been important Cabinet reshuffles.
Election on 8th June – what’s in the manifestos?
The decision to call a snap General election on 8th June caught many of us by surprise. The various political parties have been rushing out their manifestos making all sorts of promises if elected. These documents are becoming increasingly important. Bringing in measures contrary to a manifesto, like the increase in Class 4 National Insurance Contributions (NICs) from 9%
What will VAT look like after we leave the EU?
In 2015/16, over £100 billion was raised through VAT, making it the when for the Treasury. As such, the United Kingdom is extremely unlikely to abolish VAT after we leave. That said, there is simply not enough time for the Treasury to come up with a new tax system in place VAT before we leave the EU. In addition,
Brexit – what are the tax implications?
One of the main reasons that individuals voted “leave” was to restore fiscal sovereignty to the UK so that we are able to set our own laws, in particular tax law, without interference from Brussels. Significant tax changes currently require “State Aid” approval and we have seen many recent tax changes forced on us by the EU such as
Possible VAT changes
VAT is a European tax. Withdrawal from the EU means that UK VAT law will no longer be governed by the EU VAT Directive. In Budget 2016 it was announced that VAT would raise £138bn revenue for the UK Treasury in 2016/17, second only to income tax and about £100bn more than corporation tax. Therefore, it is expected that
Possible Customs Duty changes
This potentially has a major impact and very much depends on the negotiation of a Free Trade Agreement (“FTA”) with the EU. Without an FTA, the normal WTO tariffs apply. For example, for a UK car manufacturer selling cars to its’ French subsidiary would result in a 10% duty tariff, being imposed on the transaction. Therefore, an FTA is
New Chancellor, a new tax strategy?
George Osborne, a leading member of the “remain” campaign, pledged to cut corporation tax to encourage investment in the UK in response to the referendum result. In an interview with the Financial Times, the former chancellor said he would reduce the rate to below 15%, although he did not mention any timescale. It will be interesting to find out
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