Aside from the newly implemented IFRS standards, regulatory changes in customs in the UK are also undergoing a massive overhaul this 2021. Let’s see what are the implications of post-Brexit conditions to VAT and trading.
After the implementation period (IP) completion day last 2020, policy changes have been imposed on accounting requirements. For the remainder of 2021, we continue to see the impact of Brexit on financial reporting for UK firms and corporations.
As changes from last year continue to roll out, there are now signs of spending recovery among various markets. Though varied, indications of increased purchases hint at a progressing impact of COVID-19 on consumer behavior.