VAT on Cross Border Transactions - An In-depth Guide

Introduction

This seminar will explore how VAT applies in an international context in relation to EU, non-EU, and intra EU transactions, and not just goods, but also services.

It will be particularly useful for accountants, finance directors, solicitors and advisers, and any business who would like a greater understanding of VAT on cross-border transactions.

This is a practical seminar and includes case studies and exercises to promote a thorough understanding of this complex area.

What You Will Learn

This course will cover the following:

Goods

• Overview of UK:EU trade (VAT and procedural) changes post Brexit
• UK: To and from the EU, and the rest of the world
• UK import and export procedures and requirements, payment of taxes
• VAT implications of selling into the EU
• Imports under £135
• Sales via Online Market Places (OMPs)
• Temporary import reliefs
• Place of Supply of Goods, and the relevance of Inco terms
• Customs duty - what it is, and how to use reliefs and preferences
• The EU Single Market and trade within the ‘remaining 27’ Member States
• Acquisitions
• Removals
• Distance sales
• How to treat call off stock, consignment stock etc.
• ‘Triangulation’ and ‘chain’ transactions - any Simplifications?
• The E- Commerce Directive from 1 July 2021 - The Import One Stop Shop (IOSS) and the One Stop Shop (OSS) for Distance Sales etc.

Services

• Place of Supply of Services
• Not all services are the same and different rules apply according to type
• The General Rule (B2B and B2C) and the importance of ‘belonging’
• Exceptions to the General Rule and Simplifications where available
• Brexit benefits for UK businesses supplying certain services to non-UK clients
• The ‘effective use and enjoyment’ rules
• The Reverse Charge
• The Mini One Stop Shop for telecoms and e-services, and the OSS for other services
• Recovering VAT incurred in other territories