In this week’s EU exit corner, we bring you the latest guidance and an update from HMRC on the new second-hand motor vehicle export VAT refund scheme. See also the most recent EU exit bulletin which features every Friday in Chartered Accountants eNews. The National Audit Office has also published a report assessing how UK regulators have managed taking on new responsibilities following EU Exit and a webinar hosted by the Institute’s Ulster Society is now open for booking with the Trader Support Service team.
Trade Support Service webinar – book now for Friday 10 June 1pm-2pm
Readers will be aware that the Trader Support Service (“TSS”) was set up by the UK Government to assist businesses in completing the necessary customs declarations for the movement of goods between Great Britain and Northern Ireland, following the end of the EU transition period.
The latest TSS webinar being held on Friday 10 June from 1-2pm is now open for booking and will include an overview of a new tool, the Trader Journey Assistant in addition to recent policy updates.
As usual, the webinar will include some time for Q&A. This is a free event, but registration is required. A link to join will be issued after registration. Register here.
VAT second-hand margin scheme for vehicles and new export refund scheme update from HMRC
As covered in a previous update, the UK Government intends to introduce a new second-hand motor vehicle export refund scheme in October 2022 which will allow traders to claim a refund of VAT when moving a second-hand motor vehicle from Great Britain to Northern Ireland for resale.
HMRC has contacted the Institute to say that the existing guidance on the scheme was not updated as planned last month. However, until the refund scheme is implemented, businesses can continue to rely on existing guidance when applying the margin scheme in Northern Ireland. The guidance can be accessed using this link.
Previously, the UK requested that the margin scheme continue to apply in Northern Ireland on a limited basis until the new second-hand motor vehicle export refund scheme is implemented. The Institute continues to discuss the status of this request with HMRC. We will keep members updated.
Miscellaneous updated guidance
The following documents/guidance relevant to EU exit have been updated/published recently:-