Brexit

Tax / Warning of potential ‘catastrophic’ problems with HMRC’s customs system

HMRC has been told it must do more to ensure its new customs system, the Customs Declaration Service (CDS) is ready in time for Brexit, or face ‘catastrophic’ consequences, according to a report from the public accounts committee (PAC) which warns the department is facing an overload of development work in the run up to the UK quitting the EU

Insight / Economic trends: uncertain effect of higher UK interest rates

The Bank of England’s recent rise in interest rates marks the first tightening in policy for a decade and although it is unlikely to make a significant impact on households or business, the longer term outlook for rate levels could have more pernicious effects, warns George Buckley, chief UK economist at Nomura

Tax / Stamp duty and Brexit dampen property market

Brexit worries and the general election result have taken their toll on the UK-based property and construction sector, with half of businesses viewing the impact as negative and just 9% as positive

Insight / Brexit trade and customs bills in Parliament

The government is introducing a new trade bill, to be followed by a customs bill, as the next stage in implementing a legislative framework following Brexit

Insight / Preparing for Brexit: reviewing cross-border contracts

The lack of detail on Brexit is putting pressure on business across the board, but it is still important to review cross-border EU transaction contracts to make sure there are no hidden territorial provisions to trip up parties, warns Gabriel Buigas, senior vice president, UnitedLex

Tax / HMRC warns of potential £450m Brexit funding need

HMRC has been allocated £78m from the Treasury this year to fund work around leaving the EU, while the need to design and implement significant upgrades to the customs declaration system may mean other projects have to go on hold, MPs have been told

Tax / CIOT warns on Brexit bill tax uncertainty

The planned Brexit bill, paving the way for the UK’s withdrawal from the EU, does not meet its objective of ensuring that the same rules and laws will apply on the day after leaving as on the day before, resulting in damaging uncertainty for taxpayers, CIOT is warning

Insight / Economic trends: early warning on post-Brexit economy

Lack of certainty about the Brexit outcome is dampening UK activity as the global economy is in growth mode, Markit chief economist Chris Williamson warns

Insight / Middle market business upbeat on Brexit deal

Despite the apparent deadlock over Brexit negotiations, middle market businesses remain bullish about the prospects of the UK securing a good deal, with twice as many companies feeling positive rather than negative on the topic, according to a YouGov survey

Insight / CFOs less fearful over Brexit although it remains top concern

Optimism among chief financial officers (CFOs) has recovered from its post-election low and is close to levels seen at the end of last year, with Brexit viewed as less of a concern although the focus remains on defensive strategies, according to research by Deloitte

Insight / Brain drain: how can accountancy firms stop talent emigrating?

Brexit uncertainty is causing large numbers of talented EU workers to leave the UK but this is not just down to the referendum result says Simon Wright, operations director of CareersinAudit.com, who suggests lack of progression within accountancy firms plays a part

Tax / Murphy: unpicking the Irish Budget

The Irish finance minister, Paschal Donohoe, announced his first budget this week against a backdrop of economic growth and low unemployment levels, but Brexit, US tax and trade reforms and various geopolitical threats pose potent challenges says Fiona Murphy, tax partner at Irish accountancy firm RBK

/ Money for ‘no deal’ Brexit scenario to come from reserve, says Hammond

The Chancellor of the Exchequer, Philip Hammond, has told the Treasury Committee that the money which will be spent on a ‘no deal’ Brexit scenario will come from reserve and that he will not allocate funds to government departments ‘in advance of the need to spend’

Tax / Irish finance minister Donohoe continues ‘Brexitproofing’ in first Budget

Irish finance minister Paschal Donohoe said capital expenditure and a broader tax base would help ‘Brexitproof’ his country in his first Budget since taking over from predecessor Michael Noonan

Tax / Plans for ‘frictionless’ VAT and customs regime post-Brexit

The Treasury has published a white paper on plans for the standalone customs, VAT and excise regimes the UK will need once it leaves the EU, and is seeking feedback on the options under consideration, including what it describes as ‘an innovative and untested approach’ mirroring EU arrangements
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