You have no doubt started to receive guidance from HMRC on what you may have to do in response to a no deal Brexit with respect to VAT.
You may also be wondering how your purchase of Springboard IT’s MTD solution may be affected by any changes. The answer is that you will be able continue using our software for VAT submissions after a no deal Brexit.
We have received our own guidance as to how our software will need to change in the event of a no deal Brexit. It is very minor, the text on our displays against certain boxes needs to be changed to reflect the changing use of each box as explained in the HMRC guidance.
|Box number||What it will need to change to say|
|Box 2||VAT due in this period on imports accounted for through postponed accounting|
|Box 4||VAT reclaimed in this period on purchases and other inputs (including imports)|
|Box 8||Total value of all exports of goods, excluding any VAT|
|Box 9||Total value of all imports of goods, excluding any VAT|
This is the only change we would need to make. Should it be required you will receive an automatic update in due course reflecting those changes.
If you import to or export from the UK you may require to change how you calculate the values that go into the 4 affected boxes. That is something your accountant will be able to guide you on.
The Government guidance can be found here: