Phillipa Hardcastle
Posts by Phillipa Hardcastle:
The UK has voted to leave the EU, so how will this impact on the tax regime?
The UK has voted to leave the EU, so how will this impact on the tax regime?
The first thing to note is that there will be no immediate change. We are still a member of the EU. Until Article 50 is invoked, we will continue to engage with EU business as normal.
Once this is invoked, we will remain bound by EU law until the terms of our exit have been determined, this process is expected to take at least two years.
There will undoubtedly be a number of tax implications depending on the way that Brexit and ongoing trading is negotiated.
The most immediate issue will be Customs Duties and VAT. Once we Brexit we are no longer part of the EU Customs Union, meaning that EU customs duties would apply to goods brought into the UK from the EU, and also UK exports to the EU.
In addition we will no longer be obliged to have a VAT system as this is currently governed by EU directives. It seems very unlikely that the government will do away with VAT as it is a valuable source of revenue, but to continue it will require a UK legal basis giving the scope for changes. UK businesses are unlikely to continue to benefit from the current EU simplification methods.
It is easy to speculate on the likely changes but ultimately only time will tell. In amidst all of the uncertainty one thing is clear…this will not be a quick process.
Still haven’t signed up for Pioneer 10? You’ll be missing out!
By being part of Pioneer 10 of the Pioneer community, you can access online tools and advice at any time. The workshops will be offered all through until the end of July – so make the most of them! After July, we will begin to search for the top 10 innovators in Nottinghamshire! These will be invited to join an intensive growth program which includes tools, coaching and support.
After this, the final 10 will pitch to business leaders and the judges will determine the two with the most potential. These winning two will receive support packages worth approximately £25,000!
So, if you haven’t signed up yet – can you really afford not to?
Visit their website here.
Have you heard of Pioneer 10 yet?
Pioneer 10 is a new, exciting and free business growth and coaching programme for entrepreneurs in Nottinghamshire! It’s open to startup businesses and SMEs.
Every business participating in Pioneer 10 will be offered benefits through insightful, in-person workshops and (tried and tested) online tools.
These businesses will be narrowed down to 10 contestants all of whom will receive one to one coaching from experienced business experts, allowing the business owners to increase their chances of success.
Two of these final ten pioneers will be selected by a panel of judges (Femi being one of them) for a long term, high value, high impact support package.
Are you interested?
Registration remains open from July 2016 to October 2016. Visit here for more information.