How will Brexit impact VAT Managers in companies based outside the UK?
Now that Brexit is finally happening, we want you to be ready to face the VAT recovery challenges that come your way. The Brexit transition period is set to end in just over four months time on 31 December this year – and with that, comes many significant changes that you must know about.
And remember that these changes may well result in additional costs for you to bear, if you are not fully prepared.
Plan for delays
The UK’s foreign trader VAT refund regime will follow the 13th VAT directive refund procedure. For claims from 1 January 2021, you can expect delays in getting refunds.
Keep in mind that if you are an EU business, you can continue to use the EU VAT refund system to claim a VAT refund on expenses incurred before 1 January 2021 in the UK, until 11pm on 31 March 2021.
It’s also worth noting that non-EU companies will now require original invoices (or true and certified copies of the invoices) in order to complete their VAT reclaim. They will also require an original compliance certificate-of-VAT status.
Change on this scale can be a daunting prospect. Here at Taxback International, for more than 20 years, we have helped thousands of companies simplify their VAT processes.
To fully understand what VAT recovery after Brexit will look like, you can depend on our experience and regulatory knowledge to guide you through this challenging time.