It's now been over a year since the UK exited the transition period as a result of its withdrawal from the European Union. This has brought some significant changes with regards to accounting for VAT and determining VAT liabilities on the supply of goods, as well as services, in particular the supply of goods and services internationally.
At Lubbock Fine we have been providing our clients with a ‘Brexit health check’ to test whether new rules and procedures are being correctly implemented.
Every business is different. As we recognise that no two businesses are the same, we offer a bespoke Brexit health check review to the business we are working with.
Our health check review will always begin with some time being spent discussing your business, identifying any areas that should be focused on and answering any queries you may have. This will be followed by a review of sample VAT workings and looking at the VAT treatments of sales and purchases.
The output of this will be a report which will contain the following (the below is not exhaustive):
Many will agree that VAT is a complicated and ever-changing area of taxation.
Even without these significant changes as a result of Brexit, it can be a subject that is often easily overlooked. For many existing businesses it is difficult not only to keep up to date with all the VAT changes, but also to know whether their long-established VAT systems and processes are fit for purpose.
If you’re interested in a Brexit health check, please get in touch with our VAT team Jas Dhillon, VAT Partner (firstname.lastname@example.org) or Omid Motaleb, VAT Senior Manager (email@example.com).
Speak to a member of our expert team.