With a no-deal Brexit appearing increasingly likely, HMRC is now warning that, in that event, 245,000 businesses would face a tsunami of new customs declarations, tariffs and VAT obligations after 29 March.
The Treasury Committee staged the latest witness session in its inquiry into tax enquiries and resolution of tax disputes this afternoon (6 February 2019). The Government's Making Tax Digital project was slated by FSB and ICAEW during the session, with the FSB making some grave predictions about its impact.
Peers have been debating the Trade Bill - the companion bill to the Taxation (Cross Border Trade) Act – which covers non-tariff barriers in relation to ‘transitioning’ the EU’s trade agreements to UK agreements. An amendment was passed last month to pause the Bill’s passage at the end of the committee stage until detailed proposals on future trade agreements have been published. In the meantime the committee stage continues.