Fiduciary Tucci & Partners TP Brexit EU Luxembourg
Fiduciary Tucci & Partners Luxembourg #Brexit

31 January 2020
United Kingdom withdrew from the European Union

1 February 2020 – 1 December
UK & EU have entered a transition period that keeps the UK bound to the EU’s rules and gives space for negotiating future UK-EU relations.

The Withdrawal Agreement establishes the terms of the United Kingdom’s separation from the EU, including VAT for goods and VAT refunds paid before the end of a transition period.

  • According to Withdrawal Agreement, a taxable person established in one of the Member States or in the United Kingdom is still to use the electronic portal set up by his State of establishment, in accordance with Article 7 of Directive 2008/9/EC, for submitting an electronic refund application that relates to VAT which was paid in, respectively, the United Kingdom or a Member State, before the end of the transition period.
  • The application is to be submitted, under the conditions of the Directive, at the latest on 31 March 2021. 
  • The other rules provided for in the VAT Directive and Directive 2008/9/EC will continue to apply, until 5 years after the end of the transition, to these refund applications and the previous ones relating to VAT chargeable before the end of the transition period.

Source: Notice to stakeholders. Withdrawal of the United Kingdom and EU rules in the field of VAT for goods. (AED)

Fiduciary Tucci & Partners Service Spotlight:
Sustainable Success Through Accounting

For companies focused on executing and improving their core product or service, accounting can be a nuisance. Not only does expert bookkeeping and reporting prevent future crises, but it can actually improve your finances. 

After analyzing your financial situation, we build a sustainable strategy to optimize your business. Our accounting services include bookkeeping, reporting, balance-sheet forecasts, financial viability studies and budget preparation. 

Companies also come to Fiduciary Tucci & Partners for license applications, business plan creation and overall company setup. We do not just help an organization make sense of its financial situation, we turn it into a source of strength. 

Share your goals with us & ask how we can help you get there. Questions about trends, regulations & requirements? Curious about Luxembourg? Fiduciary Tucci & Partners can help answer your queries & find solutions.

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