Even though we’re on the brink of change it’s not too early to make a Brexit VAT plan. Here’s what you can do –
1. Map out how all of your purchases and sales work in terms of geography and contracts – check you include all that you’re doing and how you’re doing it.
2. Use your maps to spot where different VAT and duty rules might bite – include simplifications like triangulation and installation that might disappear or change.
3. Each scenario map should point towards possible pinch points – are there better answers? e.g. holding stock in other EU countries?
4. Budget for likely costs to be incurred including on import duty, extra VAT compliance and IT.
Not knoing how Brexit changes will work for a while yet there’s no excuse for sitting on your hands. If you have a strategy for dealing with each possible outcome, you can hit the ground running and not risk getting left behind. Read more here