Post-Brexit - what are the implications for VAT? (Webinar catch-up)
Catch up on our webinar outlining the potential implications for businesses' VAT arrangements in the post-Brexit landscape. You can watch the full webinar video here, as well as read Liz Maher, of Centurion VAT specialists, summary of the main points.
It barely seems a moment passes in the media without talk of the impact of Brexit on the UK economy. Clearly VAT, being a European tax in its origin, needs important consideration as we approach the triggering of Article 50 in 2017.
The VAT update looks at the impact on VAT accounting as it currently stands and considers the areas within the Housing Association sector particularly where VAT changes could, when we are outside of the EU, create opportunities as well as risk further increases in unrecoverable VAT for Housing Associations.
At the moment whilst there is no immediate change we have to recognise that the EU will continue to implement its VAT Action Plan announced in April to improve VAT compliance to reduce the €160bn missing VAT from poor compliance across the EU states and whilst the UK remains in the EU we will be impacted by these plans.
We also need to consider what, as a sector in housing, we want VAT to look like once we are out – what areas of VAT reliefs should the sector be lobbying for – how should we plan for possible changes in VAT liabilities on supplies and accounting system changes.
Hopefully this webinar starts to outline where we are at the moment and provides food for thought for the future in the world of VAT.