Tax beyond Brexit – the direct and indirect implications of leaving the EU

Member price: £144.50 + VAT

Non-member price: £170 + VAT

Timing: 10am-12pm

Overview

On 31 December 2020, the UK finally left the EU after the so-called “Transition Period”. There remain many uncertainties, particularly in respect of the Free Trade Agreement (FTA) with the EU and how the World Trade Organisation (WTO) rules will apply.

However, there are some areas where we have reasonable certainty and this course will explore the tax issues – both direct and indirect, certain and uncertain, as we enter a post EU world.

What you will learn

Direct Tax Issues

Most of the UK direct taxes are based on UK legislation and are independent of the EU legislative canon. However, there are a number of significant areas where the EU influence is strong and these include:

• Withholding tax provisions;
• State Aid;
• Transfer Pricing and the BEPS project;
• Establishment issues;
• Group relief measures;
• Employee mobility and social security liabilities.

During this course, we will explore how these may change and what actions UK businesses will need to take to mitigate change.

Indirect Tax Issues

The indirect tax provisions are where we can expect to see most change as we leave the EU as most of this legislation is EU-based:

• Customs Duties
  • The UK will be a “Third Country” and businesses that have been trading with the EU, will need new procedures for dealing with these movements of goods;
  • Traders will need the right “Kite Marks”;
  • the EORI and the AEO;
  • Customs procedures such as customs warehousing and inward processing will need reviewing;
  • will the UK manage to obtain a Free Trade Agreement (FTA) with the EU, or will the UK crash out – if so, what does this mean? Will the World Trade Organisation rules help or hinder? What other trade agreements have been agreed or are in discussion?
• VAT
  • The UK will introduce postponed VAT accounting for all imports from January 2021, including the EU, so the import VAT process will change and the boxes on the VAT return will also change;
  • EU simplifications will also go – so triangulation, distance selling and supply and install arrangements and e-services provisions will need reviewing and amending;
  • Recovery of EU VAT – the online EU system will no longer be available, so the paper based 13th Directive will operate;
  • Financial services businesses will need to review their partial exemption methods and recovery rates if they make “Specified Supplies”;
  • Will the European Court still have influence (if only for historical matters)?

Who should attend

This course is suitable for accountants and tax advisers who need to understand the tax issues as we leave the EU.

Questions?

BPP | Tel: 0330 060 3303 | Email: ldicas@bpp.com