The VAT implications of the UK leaving the EU are significant, especially since no deal has yet been agreed. Whilst from a VAT perspective, there is very little clarity from the tax offices, there is clear guidance for businesses based on the assumption that the UK will be treated the same as other non-EU countries from 2021.
The key areas of consideration for e-commerce sellers are:
- How does Brexit impact my business from a practical import and fulfilment perspective?
- What changes will occur to my VAT compliance obligations?
- Will my online marketplace experience remain the same?
- What “VAT hacks” can I consider to weather this storm?
Source: vatglobal.com
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