Businesses in the UK have been left reeling from a post-Brexit change in VAT that has already left many with gaps in their supply chains just days into their new trading relationship with the EU.
Changes in VAT rules introduced by HM Revenue and Customs on 1 January mean that VAT is now being collected at the point of sale rather than at the point of importation. The result is that companies all over the world that deal directly with the public now have to register with HMRC and collect VAT on goods over £15.
In response, a growing number of firms have decided to boycott the UK rather than register with the country for VAT – leaving people unable to order goods including materials not manufactured here.
Source: taxresearch.org.uk
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