In a recent interview, the managing director of Vistra’s Reading, UK office said of operating internationally: “VAT and indirect taxes look deceptively simple but can go horribly wrong on a small detail, especially with cross-border transactions.” The bottom line is that if your organization operates abroad or is considering international expansion, you’ll have to understand and follow the indirect tax laws of each country of operation. Failure to comply with VAT rules, or to understand your entitlements under local law, can lead to additional costs, unanticipated tax liabilities, potentially needless VAT registrations and of course financial penalties.
Vistra’s Pete Doyle has helped companies expand into the UK for nearly three decades. In this interview, he talks about evolving corporate expansion strategies, the top risks of operating in the UK, why complying with VAT requirements has an outsized importance for multinationals, and more.
We tell you what UK VAT payers can expect to face if the UK can’t reach an agreement with the EU about the terms of its exit.
Digitizing VAT is the first phase of the UK’s Making Tax Digital program, designed to modernize the country's tax system. UK authorities have revised related deadlines, which call for certain businesses to keep digital records and submit VAT returns using compatible software.
The UK’s Autumn Budget leaves in place the UK’s low 19 percent corporate tax while vowing to tighten tax rules and crack down on online sales. This post addresses the main points of interest for corporations.
This month the UK Government issued a white paper laying out its proposals for a new customs landscape after Brexit.
The UK's Making Tax Digital measure will help businesses stay on top of their affairs and make fewer tax mistakes. The plan is part of a worldwide movement to digitize tax collection.
The Brexit referendum will likely have significant implications for the UK's value-added tax system. Here are some important considerations to help you make informed VAT-related decisions as Brexit negotiations unfold.
In any tax system, a high level of certainty is required for both ease of tax administration and the efficient collection of tax liabilities. Likewise, for companies and their stakeholders, domestic and international tax-related certainty is a fundamental goal. The UK’s EU referendum and potential exit from the European Union represent serious threats to this desired stability. And the biggest challenge businesses will face from a potential “Brexit” will be negotiating the resulting uncertainty.