Brexit and transactions with the EU
Following the United Kingdom’s (UK) exit from the European Union (EU) and the deal agreed on future trade and security arrangements, HMRC is in the process if introducing new regulations covering transactions in goods and services. Council Services that trade with the EU (i.e. sell or purchase goods and/or services with businesses based in EU member states) will face changes in tax and duty charges – but the full implications may be slow to become clear.
There may be similar short-term complexities where transactions involve UK companies based in Northern Ireland.
It is likely that incorrect tax treatment of these transactions – particularly VAT – will incur additional extra costs to service budgets, so you are advised to contact the Tax Compliance Team to ensure transactions are treated and reported correctly for tax purposes and the requisite documentation is completed and retained.
Contact: Tax Compliance (VAT) – firstname.lastname@example.org
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