Since 1 January 2021, the UK is no longer a part of the EU’s Single Market and Customs Union, which has implications around VAT for businesses operating in the Republic of Ireland that import from the UK. The Irish government has introduced a facility called postponed VAT accounting for VAT registered businesses to avoid the payment of import VAT at the point of entry.
This new measure allows you to record the VAT on your VAT return rather than paying it at the point of entry into the State but will not apply to goods brought in from Northern Ireland.
For the past number of weeks, headlines have highlighted the negative impact of the new Trade and Co-Operation Agreement (TCA) that has come from Brexit. However, in the words of Albert Einstein “In the midst of every crisis, lies great opportunity”. Read on to discover five such opportunities that you could capitalise on.
The hazards involved in economic forecasting have been highlighted in dramatic fashion over the past year. While reviewing the equivalent piece I wrote this time last year, two statements stand out, that remind me once again of the futility of economic forecasting.
Firstly, in relation to the international outlook, I expressed a view that a hard Brexit would be avoided, and that the US/Chinese trade spat that had dominated 2019, would ease ahead of the US presidential election. I concluded based on these assumptions that ‘despite all of these uncertainties, mainly related to global geo-politics, it is more likely that global growth will be stable or slightly stronger over the coming year’.