Brexit changes – What this means for your business

On 01/01/2021 the UK is leaving the European Union. This means that the way some companies need to record some transactions is changing.

HMRC has announced that they will introduce PVA (Postponed VAT Accounting) on 01/01/2021. This will be applied to imports of goods from any country outside of the UK for businesses from Great Britain.

Northern Irish companies will continue to apply existing EU rules for importing and exporting goods based on ‘The Northern Ireland protocol’. However, PVA (Postponed VAT Accounting) will be applied for Northern Irish businesses for imports and exports outside of the EU.

These changes are only relevant to VAT registered businesses. There will not be direct changes for businesses not registered for VAT in regards to bookkeeping.

For all businesses in Bokio we will handle the majority of these changes for you.