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VAT is of the areas that has caused confusions and dilemmas for traders in a post Brexit world, specially when trading with the EU. The below offers a compilation of hand-picked guidance from UK government/HMRC, as well as some useful resources such as blogs by our team and strategic partner, VAT IT. If you need support in understanding how the new rules of trading affect your business, get in touch!
VAT ON GOODS EXPORTED FROM THE UK (VAT NOTICE 703)
This notice from HMRC outlines when and how you can apply for zero-rated VAT on exported goods. Exporters needs to be conscious of this whether exporting on ExW or other incoterm. It is also very important exporters have enough proof of exports should they ever be subject to an audit to prove the zero-rated VAT. Check the full Notice here
WORK OUT YOUR PLACE OF SUPPLY OF SERVICES FOR VAT RULES
This notice enables traders to find out which country’s VAT rules to use when supplying services abroad. Read the full notice here
VAT EXPORT AND REMOVAL OF GOODS FROM THE UK
This guidance refers to direct and indirect exports. Direct and indirect exports are subject to separate legal rules. Read full VEXP20300 guidance here
COMPLETE YOUR VAT RETURN TO ACCOUNT FOR IMPORT VAT
Find out how to account for import VAT on your VAT Return if you're using postponed VAT accounting. Read full guidance here
HOW TO VALUE GOODS FOR IMPORT VAT
Find out how to value your goods to help when working out the VAT due when importing goods into the UK. Read guidance here
GOODS YOU DO NOT INCLUDE WHEN VALUING IMPORT VAT
Find out what goods you do not value when when working out the VAT due on import to the UK. When valuing goods for VAT purposes, do not include costs that are taxable under the reverse charge or international service arrangements. These are royalties, licence fees and buying commissions. ​Read full guidance here
OTHER RESOURCES
Chamber and/or VAT Blogs related to VAT
The below are some of the most popular blogs, but feel free to use our 'search facility to find more:
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The benefits of Postponed VAT Accounting
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Minimising the costs through import VAT
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What You Should Know About HMRC VAT Inspections
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The End of EU VAT Triangulation and the Impact on UK Businesses
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EU Fiscal Representative needed by UK Companies?
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EU's VAT eCommerce package to be introduce from 1st Jul 2021
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VAT IT Blogs - Approved suppliers of GMCC
NEED CUSTOMS CLEARANCE SUPPORT?
Call our team at 0161 393 4314 or email us at chambercustoms@gmchamber.co.uk for more information
ADVISORY & CONSULTANCY SERVICES
Greater Manchester Chamber has partnered with VAT IT to provide unique VAT solutions to traders in a post-Brexit world. To book a free 25 min complimentary session with VAT IT experts, simply email international@gmchamber.co.uk.
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