VAT after Brexit: have you updated your VAT codings for supplies to or from the EU?

Now that the Brexit transition period has expired, VAT accounting is a bit different. From 1 January 2021 there is no longer any need to distinguish between supplies to/from the EU and the rest of the world (ROW), so you should check whether your accounting software needs an update to set up new VAT codes, as the EU codes are no longer relevant.

There are special rules for supplies of goods from mainland UK to/from Northern Ireland, so it important to check the latest guidance on the GOV.UK website.

In addition, there are changes to export and import declarations and import VAT, which in some circumstances can be accounted for through your VAT return.

If you need any further advice or guidance, please do get in touch with Alison Sampson, our Senior VAT Consultant.