In this week’s EU exit corner, we bring you an email reminder from HMRC on EU trade tips in addition to the latest guidance updates, a request from the Department for the Economy (“DfE”) for help with research on customs intermediaries and a briefing from HMRC on changes to reporting for postponed accounting for VAT for businesses using the flat rate VAT scheme. See also our most recent EU exit bulletin which features every Friday in Chartered Accountants News.
The Department for the Economy (DfE) is seeking members in practice who would be willing to speaking to a researcher on their experience of customs on GB to NI movements. The research mainly focuses on intermediaries and is a refresh of previous research conducted by DfE which at that time demonstrated that there wasn’t adequate capacity in the private sector in NI and provided some of the evidence of the need for Trader Support Service (“TSS”). DfE are also keen to include some businesses in this work. Details of those participating will be anonymised in the report.
This could be very vital supporting evidence of the continuing need for the TSS beyond the end of 2022.
In response to the Institute’s letter recommending that the TSS be put on a permanent basis, HMRC responded recently that the future of the TSS, including whether an extension to the current service will be required, will be tailored to reflect the outcomes of the talks on the Protocol which are currently ongoing.
Revenue and Customs Brief 3 (2022) – postponed accounting for VAT
HMRC recently published Revenue and Customs Brief 3 (2022). This is relevant to businesses registered for the flat rate scheme which are accounting for import VAT using postponed VAT accounting. The Brief sets out how to account for these supplies for VAT return periods starting on or after 1 June 2022.
Miscellaneous updated guidance
The following documents/guidance relevant to EU exit have been updated/published recently:-
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