A recent survey conducted by European VAT specialist Accordance has also revealed that despite this concern, over 60% of respondents admitted that while they had considered how Brexit would impact their businesses’ VAT position, they had no strategic plan in place.

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When asked what area of their business they were most concerned about with regards to the consequences of Brexit, the respondents replied: 

• 25% supply chains
• 23% import VAT
• 21% fiscal representation
• 15% triangulation
• 8% VAT recovery

Nicholas Hallam, CEO at Accordance (pictured above), said that it was clear from these results that UK businesses were aware but not prepared for the changes ahead.

“Working with companies such as Accordance can help businesses to consider their VAT position and develop a strategic plan for the complex issues around Brexit and the difficulties of trading with Europe once we are outside the current VAT systems.”