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There is no ‘silver bullet’ for Northern Ireland businesses in how they can navigate the challenges posed by the recent tariff turbulence. However, it is crucial that they are agile, strategic, and proactive in managing risk within an increasingly uncertain trade environment.

Following its original announcement in 2015, Making Tax Digital for Income Tax (“MTD”) is finally being introduced in phases from April 2026 with the Government confirming its commitment to MTD at the Autumn 2024 budget.

Non-Domiciled Tax Changes: UK to abolish remittance basis in 2025. New rules on Income, Capital Gains, and Inheritance Tax. Plan now for major impacts on foreign assets.

VAT is an area of ever increasing risk and ensuring your business’ VAT processes and procedures are compliant can be complex.

The Trader Support Service, an initiative established by HMRC to aid and counsel businesses engaged in the transportation of goods between Great Britain and Northern Ireland, has been prolonged until December 2024.

On 27 February 2023, an agreement in principle was reached between the UK Government and the European Union (EU), titled the “Windsor Framework”. The purpose of this agreement is to address issues arising from the Northern Ireland (NI) Protocol, which was agreed as part of the UK’s exit from the EU in 2020.

Northern Ireland’s commercial property market continued at pace in 2022, with £330 million of investment across 36 transactions, according to CBRE NI. Therefore, the importance of getting the VAT treatment on the sale of commercial property correct cannot be overstated.

The New Year brings a new penalty regime for VAT, replacing the existing VAT default surcharge regime starting with VAT periods starting on or after 1 January 2023. The new regime aims to create fairer results for taxpayers and this should be well-received by taxpayers, as there was a risk the VAT default surcharge regime could result in significant penalties being issued by HM Revenue & Customs (HMRC) for minor errors in comparison with other taxes.

HMRC has published a change of policy in relation to the place of supply of delivered goods to consumers located in other Member States. Currently, under the UK’s place of supply rules VAT is due in the Member State of delivery if the supplier supplies and delivers the goods to the customer. This rule means that many suppliers are obliged to register for VAT in each Member State where they deliver goods to customers.

The supply of services that are closely related to sport are mandatorily exempt from VAT if those services are provided by a non-profit making body. However, Member States may make the granting of the exemption subject to a number of conditions including a condition that the exemption must not be likely to cause distortion of competition to the disadvantage of commercial entities who are required to charge and account for VAT.