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Brexit and VAT: How can smaller businesses adapt?

Brexit and VAT: How can small businesses adapt?

VAT compliance often seems like an abstract matter. Something for the accounts team to work out as they crunch the numbers. For small businesses, however, sharp shifts in VAT requirements can have massive real life consequences. With Brexit now a reality, how can small and medium-sized businesses adapt to new VAT rules? Small businesses: seek […]

Optimising automotive industry VAT compliance

Optimising automotive industry VAT compliance: A tech-driven solution

The automotive industry faces particularly complicated VAT challenges.  Automotive manufacturing is a complex process, involving a dizzying array of components and specialised machinery. In addition, globalised  trade has seen automotive firms optimise costs by manufacturing parts in multiple countries. Let’s consider a few of the VAT compliance complexities faced by the automotive industry – so […]

Kenya introduces digital services tax

Kenya introduces digital services tax

Kenya has joined the growing list of countries that have introduced a digital services tax (DST). DST will be charged on digital services supplied to users in Kenya, according to specified criteria (please contact a VAT expert for full clarity on determining user location).  Authorities made provision for the DST in Kenya’s Finance Act of […]

Updated UK VAT guidance: Why you can't afford to risk non-compliance

Updated UK VAT guidance: Why you can’t afford to risk non-compliance

UK tax authorities have updated guidance on UK VAT compliance and registering for VAT in the UK. According to HMRC guidelines, you are obliged to register for VAT in the UK if you are: A UK seller with an annual taxable turnover of over £85 000 An overseas seller that sells goods through an Online […]

Mandatory e-filing of VAT returns takes effect in Switzerland

Mandatory e-filing of VAT returns takes effect in Switzerland

Switzerland has introduced mandatory e-filing of VAT returns. As of 1 January 2021, any business registered for VAT in Switzerland must file VAT returns electronically.  Swiss authorities have established an electronic system which allows for e-filing. E-filing was already available in Switzerland on an optional basis, but uptake had been relatively low. Two platforms for […]

UK businesses need to appoint fiscal representative in Italy

UK businesses required to appoint fiscal representative in Italy

The Italian Tax Authority (ITA) has clarified that UK entities need to appoint a fiscal representative to register for VAT in Italy. Previously, businesses based in the UK were entitled to direct registration as they were located in an EU member state. However, from 1 January 2021, the UK exists as a third country in […]

Greece moves mandatory e-books and e-invoicing

Greece moves mandatory e-books and e-invoicing to 1 April 2021

Greece has announced that it will start implementing mandatory e-invoicing and e-books from 1 April 2021. Greece had previously intended to implement mandatory e-books submission in 2020. According to Greek authorities, they are delaying implementation  partly due to difficulties caused by the Covid pandemic.  Greece’s move towards mandatory electronic submission is part of a global […]

Importing from the UK to EU: A post-Brexit checklist

Importing from the UK to EU: A post-Brexit checklist

As of 1 January 2021, the Brexit transition period has ended. Any business importing goods from the UK to the EU must take note of the following new regulations. Please note, however, this is a general overview. There are nuances applying to various industries and products. Businesses that trade goods or services between the EU […]

Brexit trade deal

Brexit trade deal: What you need to know about goods and services

The European Union has published a summary of the key implications of the trade agreement between the UK and the EU.  As the summary notes, despite the trade agreement, there will be significant changes from 1  January 2020. Some of the key points are listed below. Note, however, that given the complexity of the terms […]

Pharmaceutical industry VAT compliance

Pharmaceutical industry VAT compliance: Time for a VAT health check?

The pharmaceutical industry’s VAT compliance challenges are considerable. This article considers some of the  complexities the pharmaceutical industry faces meeting its global VAT compliance obligations. We also detail why optimising VAT compliance is good business – and why a specialist global VAT service is so invaluable. Navigating pharmaceutical industry VAT regulations  Firstly,  there are the […]

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