Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Over 80% Of Businesses Forsee Difficulties In European Trading When The UK Leaves The EU

Eloise Miller, Director

A recent survey by European VAT specialist, Accordance, found that many businesses (over 80% of respondents in a recent survey) foresee difficulties in European trading once the UK is outside the existing customs and VAT systems. Alarmingly despite this concern over 60% of respondents admitted that whilst they had considered how Brexit would impact their businesses’ VAT position, they had no strategic plan in place.

Asked what was the area of their business that they were most concerned about the consequences of Brexit, the respondents replied:

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

In March 2019 the UK will cease to be a member of the European Union with Tory MP Anna Soubry tabling a cross-party amendment to the Trade Bill in an attempt to force the Government to retain a customs union with the EU, which could force this amendment through Parliament. Interestingly of the businesses surveyed by Accordance38% did not think the UK would form a customs union with the EU. Both outcomes will create considerable complications for businesses dealing with cross border VAT, where billions of VAT goes unrecovered.

Nicholas Hallam, CEO of Accordance comments, “It is clear from these survey results that UK businesses are 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.”

Continue Reading

Recent Posts