Key points to consider are:
- Are you aware of the potential changes to tax and VAT?
- How will they affect your business?
- Double Taxation
- Import VAT
- VAT & VAT registration in the EU
Without a trade agreement with the EU, goods being imported and exported between the UK and the EU will face customs duties and import VAT.
VAT will still be around even though it’s a European tax. We may see changes in what can be zero rated and how much VAT is charges as we will no longer be bound by European constraints.
It is possible that your income could be taxed twice where two countries have the right to tax your income. Most countries have double tax agreements to deal with this, however after 31 Dec 2020 this may change. You may need to look at how you claim tax relief in this instance and what documents you may need to submit.
Entrepreneurial businesses may see opportunities in Enterprise Management Incentives (EMI). The UK government may decide to enact domestic legislation that will make EMIs a very enticing place for businesses looking for fast growth and skilled global talent. The current 250 employee limit that was imposed by the EU could be opened to bigger companies.
Individuals and Personal Tax
Current changes include increases in UK taxes from wealthy people who decide to make the UK their long term home. Owning properties in other EU states could mean you are not protected from punitive tax and social charges unless an agreement is secured in the future.
Currently our UK workers in Europe only have to pay social security in one member state, so we can only hope that this agreement continues.
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