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PKF newsletter 03/2019

Brexit and VAT

Changes to which businesses will now urgently have to adapt

At the end of February it was still not clear whether or not and on which contractual basis the United Kingdom would leave the EU at the end of March. In view of failed attempts to get a Brexit deal through the UK Parliament, a “soft Brexit“ with a negotiated settlement that would lead to a free trade agreement appears to be as unlikely as a “no Brexit“ scenario, where the UK would end up staying in the EU. Instead, we will have to brace ourselves for a “hard Brexit“ with “no deal“. This would then be the worst-case scenario for businesses, one where EU law would no longer in any way be applicable and trade would be conducted on the basis of WTO rules.

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