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Upfront VAT fear
08 January 2018
Companies may be forced to pay VAT upfront to HMRC following Brexit, it has been claimed.
Treasury Select Committee chair, Nicky Morgan, has now written to HMRC to seek clarification on what exactly the new VAT rules will mean in practice.
Under current rule goods imported from the EU donít pay VAT until the products have been sold to the final customer and paid for. However, if the UK leaves the Customs Union goods from the EU will have to be treated like all other imports after Brexit and will attract VAT from the 15th day of the following month.
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