Monday February 24, 2020

'Post-Brexit Vat costs could hammer importers'

Two accountancy bodies believe a potential upfront Vat liability could be 'quite substantial' for some importers and could obliterate the cash reserves of a business

25th May, 2018
Warning on post-Brexit Vat regime. Pic: Getty

Chartered Accountants Ireland (CAI) and ICAS, the professional body for accountants in Scotland, say Vat will become an upfront cost for imports between Ireland and Britain after Brexit, if the current law is not changed.

At the moment, Vat on imports between EU countries is paid when Vat returns are filed – which can give companies several weeks of leeway. But the accountancy bodies say this will change drastically once Britain leaves the EU, as...

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