In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available. The Department for the Economy in Northern Ireland has asked us to publicise a request from HMRC for participants to take part in HMRC’s Import One Stop Shop trial and we highlight some new resources which aim to support exporters and cross-border trade.
Import One Stop Shop (“IOSS”) trial
The Department for the Economy has been in touch with a request from HMRC to identify businesses who may wish to use the forthcoming VAT Import One Stop Shop (“IOSS”) system. HMRC is looking to speak with businesses who might be interested in using this facility ahead of the go live period next year. This potentially might allow those business access to training and could help resolve any initial teething issues, ahead of official launch.
The IOSS scheme is a VAT simplification scheme which the EU introduced on 1 July 2021. The UK is committed to making this scheme available in Northern Ireland. Following the introduction of the Windsor Framework, the IOSS scheme will be open to Northern Ireland businesses to register from 2024 (date to be confirmed).
Broadly, the IOSS is a monthly VAT reporting and payment system that businesses can opt to use where they sell (non-excise) goods to consumers in Northern Ireland or the EU, where the business is located outside the EU and the UK. The goods must be imported in consignments not exceeding £135 (€150). Once registered for the scheme, businesses are required to charge and collect any VAT due at the point of sale from the consumer and account for the VAT through their monthly IOSS return by submitting a single VAT payment. If you have any clients or are a business who might be interested in participating in the IOSS trial, please get in touch.
Resources for cross-border trade
Several new resources are available to support those engaged in cross-border trade. Invest NI has recently published updated pages on exporting and Inter-Trade Ireland has launched a cross-border trade hub which contains a range of different resources and useful guidance.
Miscellaneous updated guidance etc.
The following updated guidance, and publications relevant to EU exit are available:-
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