Since the UK left the EU’s single market and customs union, supply chains and freight agents continue to adapt. Applying significant tax policy changes quickly and without much scrutiny has resulted in some unintended consequences. Organisations with varied import profiles can struggle to implement standard processes and take advantage of simplifications. Many are facing increased costs, but the significant restriction on input VAT recovery, the inability to easily correct import entry errors and complex tax rules mean that charity and education sectors are facing a disproportionate burden. A pragmatic approach from HMRC would be very welcome.
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Since the UK left the EU’s single market and customs union, supply chains and freight agents continue to adapt. Applying significant tax policy changes quickly and without much scrutiny has resulted in some unintended consequences. Organisations with varied import profiles can struggle to implement standard processes and take advantage of simplifications. Many are facing increased costs, but the significant restriction on input VAT recovery, the inability to easily correct import entry errors and complex tax rules mean that charity and education sectors are facing a disproportionate burden. A pragmatic approach from HMRC would be very welcome.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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