RSM Global

Mini one-stop shop (moss) registrations

Businesses that account for VAT on electronically supplied services under the MOSS regime will have to restructure their registrations.

If the MOSS registration is currently in the UK, then it will need to be moved to another EU country and a separate standalone VAT registration in the UK will need to be established.

If the MOSS registration is currently in an EU country other than the UK, then a standalone registration in the UK is all that is needed.

These UK de-registrations/registrations can be managed online through HMRC’s online portal.

PRACTICAL STEPS TO TAKE NOW

  • Apply for a standalone UK VAT registration
  • Apply for a MOSS registration in another EU country if this is not already in place

VAT REGISTRATIONS

Many businesses are making the strategic decision to relocate inventory, or stockpile product, in both the UK and other EU countries. Wherever inventory is being held will likely require a standalone VAT registration.

PRACTICAL STEPS TO TAKE NOW

  • Assess the most advantageous location to hold inventory
  • Consider the need for VAT registrations wherever inventory is held

TRIANGULAR TRADE

If you are involved in EU triangular trade that includes the UK, then it is likely you will have additional VAT registration and reporting obligations.

The EU simplification for triangular trade operates where three separate EU countries are involved in the supply of goods. It typically involves an intermediate supplier purchasing goods from one country and drop shipping them to its customer in a different country (supplier, intermediate reseller and customer are all in different EU countries). The simplification effectively means that only the final customer accounts for VAT. Once the UK is outside of the EU it will not be able to take advantage of the simplification rule, which could result in one of the parties involved in these triangular arrangements, most likely the intermediate reseller, needing to register for VAT in another country.

PRACTICAL STEPS TO TAKE NOW

  • Identify if any transactions currently make use of the triangular simplification and what VAT registration requirements might be needed
  • Consider alternate supply arrangements to avoid VAT registration requirements

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HOW RSM CAN HELP?

With a limited amount of time to determine the impact of Brexit and take action, RSM can help you rapidly determine, assess, prioritise and manage the potential impact of the UK’s decision to leave the EU.

To learn more contact: lea.pateman@rsm.global

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