The idea is to make it easier to account for local VAT where the consumer is based and the new rules will apply to both EU suppliers and suppliers based outside of the EU. So far the new rules appear to have had a significant impact on SMEs in particular. Equally anyone trading on a marketplace platform or who is based outside of the EU but making supplies to EU consumers is likely to be particularly affected.
We are advising such businesses to review the new rules to understand the impact on them. Read our article here. As a transitional measure, HMRC allowed businesses to make deferred Customs declarations up to days nearly 6 months after the date of import and pay any relevant duty at that stage. With the current lack of resource amongst freight forwarders and customs agents, we are starting to see increasing incidences of deferred declarations NOT being submitted to HMRC.
HMRC has recently announced that is taking a firm line where goods have been imported from the EU post 1 January and no Customs declarations have been made.
While many duties on goods imported from the EU are now set at zero, even if no duty is payable, HMRC has stated that it will charge penalties for failure to make declarations.
Read our article. Businesses should check whether they are affected and take steps to be ready for the changes if so. Changes in VAT and other indirect taxes. Article: Are you on top of indirect tax changes? Changes in VAT and other indirect taxes for and beyond 29 July No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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Please take a moment to review these changes. Relevant factors can include whether the supply is a discrete transaction or a continuous supply, the time that the payment is made, and whether you are selling to a consumer or another business. In addition, you will need to ensure that your system is capable of capturing the higher rate of VAT for any reverse charge VAT due on purchases from 1 March If your business pays VAT to Revenue on a monthly direct debit basis, did you previously reduce the direct debit payment in light of the VAT rate decrease?
If so, you will need to consider if it is necessary to increase this amount again. Businesses established outside of Ireland may still be affected by the change. KPMG Personalisation. Get the latest KPMG thought leadership directly to your individual personalised dashboard.
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