Brexit: give me a positive effect... IX
- Thread starter Brian
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Hoopsontoast
pfm Member
Well, just buy British... /s
Colin Barron
pfm Member
It is early days yet to be writing off the UK. It took us 40 odd years of EEC to EU mission creep to get to where we were before finally leaving and it will take years to extract ourselves.
Brian
Eating fat, staying slim
...and Tory enablers.OK, after a bit more digging, it does seem to be Brexit-related:
https://sellercentre.ebay.co.uk/news/brexit
New UK VAT arrangements for imports
On 1 January 2021, the UK government introduced a new model for the VAT treatment of goods arriving into Great Britain from outside of the UK. The new arrangements include the abolition of Low Value Consignment Relief, which relieves import VAT on consignments of goods valued at £15 or less. Online marketplaces (OMPs), where they are involved in facilitating the sale, are now responsible for collecting and accounting for the VAT. More details on these changes can be found here.
...which led me to https://brc.org.uk/news/trade/vat-1-january-brexit-guidance-for-businesses/
From there:
The UK Government published new guidance in late July for cross-border transactions involving VAT. Currently, during the transition period, the UK remains within the Common VAT Area, meaning goods sales between the UK and EU are not deemed to be imports and exports but intra-Union supplies or transfers of goods. The treatment for VAT of such transactions is markedly different.
The UK Government has agreed with BRC suggestions to restore the easement on postponed accounting for import VAT which would otherwise be payable by businesses. This easement will apply to all GB imports, including from the Rest of the World. So for goods imports of more than £135, the importing company will account for any import VAT due as part of their quarterly VAT return process. No payment will be required to clear goods at the GB border.
For goods under £135 in value, the point of liability for UK supply VAT will be at the point of sale not the point of importation. Online marketplaces, where these facilitate the sale, will be responsible for collecting and accounting for the VAT involved here, from 1 January. For business to business sales under £135, involving a cross border element, the VAT will be accounted for by the VAT-registered customer via a reverse charge.
With goods sold directly to consumers in GB without platform facilitation of the sale, the overseas seller will have to register and account for the VAT with HMRC.
Further information is contained in the HMT paper below. The BRC is continuing to liaise with the UK Government and the European Commission in terms of the operability of the rules in NI from 1 January under the Protocol, and with HMT in terms of the rules to be applied in GB.
https://www.gov.uk/government/publi...s-goods-sold-to-customers-from-1-january-2021
Well done Brexiters.
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Nick_G
pfm Member
It's a PITA as mineral collecting is one of my passions, and I've found some really good deals from overseas sellers in Pakistan, and a regular guy I buy from in Vietnam. These dealers tend to be cheaper than a lot of UK-based sellers. Now, unless I spend >£135, I'm going to get charged with the extra VAT. The ones I'm watching at the moment though, are potentially still very good deals even with the VAT, as I'd be paying many times more for an equivalent specimen at a rock/gem/mineral show.
Brian
Eating fat, staying slim
Thanks both.
HNY to you Nick and everyone.
I’ve been busy with work and other stuff, so catching up. It’s a shame but I can see not being in the thread for a couple of weeks didn’t improve the mood of the hard remainers/mini Trumpeteers who want to ignore democracy, a thread about cancel culture loaded with ironic indignation plus an early candidate for most patronising and arrogant post of 2021 has already been lodged, so BAU.
I’m not convinced 2021 will be better than 2020, but personally I will have a go at making the best of it. Mustn’t grumble too much is the message of the day.
tuga
Legal Alien
Was that when dementia kicked in, or did it happen earlier?
tuga
Legal Alien
rbrown
I think therefore I think I am
Same thing.
Seeker_UK
Feelin' nearly faded as my jeans
russel
./_dazed_and_confused
Incompetence got the U.K. to where it is today and I don’t see any evidence of that incompetence evaporating now the U.K. has left, so what have you seen that makes you think things will improve, investment?, training?, what?.
eternumviti
Insufficient privileges to reply.
I saw Maggie in action close up (a reception for her at the Carlton Club) when she was physically already quite frail. She was as sharp as a razor, and worked the room like the old pro that she was. I think it must have been in 2005.
Brian
Eating fat, staying slim
That’s because it’s true.
Yes, same thing. A tory enabler has responsibility for brexit.
lagavullin10y
pfm Member
Bad news, you cant extract the UK from that since the UK wants a relation with the EU. If you want to trade, you need to stick to the rules - no way around it. Never.
Brian
Eating fat, staying slim
Trade is really all anyone needs to do.
Out of interest, does the EU insist their ‘rules’ are followed to the letter by every 3rd country EU states trade with, or do these ‘rules’ vary according to the 3rd country involved in the trade agreement?
TheDecameron
Unicorns fart glitter.
Getting a laugh out of this again- Johnson in 2018,
“I am increasingly admiring of Donald Trump,” Johnson said. “I have become more and more convinced that there is method in his madness.”
“Imagine Trump doing Brexit,” Johnson said. “He’d go in bloody hard… There’d be all sorts of breakdowns, all sorts of chaos. Everyone would think he’d gone mad. But actually you might get somewhere. It’s a very, very good thought.”
“I am increasingly admiring of Donald Trump,” Johnson said. “I have become more and more convinced that there is method in his madness.”
“Imagine Trump doing Brexit,” Johnson said. “He’d go in bloody hard… There’d be all sorts of breakdowns, all sorts of chaos. Everyone would think he’d gone mad. But actually you might get somewhere. It’s a very, very good thought.”
TheDecameron
Unicorns fart glitter.
Have you got enough uranium yet?
lagavullin10y
pfm Member
It is quite Ein Volk, Ein Reich, Ein Fuehrer.
Stunsworth
pfm Member
I take your point, but I think it’s a bit harsh to blame Labour Party members who voted for an unelectable leader.
eternumviti
Insufficient privileges to reply.
Ah, Trump.
I can't believe we ever voted him in.
I can't believe we ever voted him in.
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