Are you prepared and planning ahead? What’s on the tax horizon for retailers post-Brexit?
04 May 2021
Is Brexit complete and is it all over? Well, in a way, give or take some teething issues, yes. While many businesses, including retailers continue to work through these issues, and with the reopening of non-essential stores on 12 April, the future must surely be starting to look more positive supported by a retail tax landscape which is back to business as usual.
However, it might not be that simple. Being prepared, understanding what is coming up and planning ahead will all be key in taking full advantage of the forthcoming tax opportunities and to avoid any pitfalls. By taking a quick look at what’s on the tax horizon over the next two years in our timeline below we hope it will give you a clear and simple picture to help you prepare and plan ahead.
POST-BREXIT TAX TIMELINE
This two year roadmap highlights that there are new tax reliefs, new tax rates and indeed new taxes on the agenda. These will need to be understood so that retailers can assess and model the cash tax impact and prepare for any required changes, be it systems, compliance or indeed, pricing. Brexit may be over (ish) but a period to simply focus on 'business as usual' may still be some way off.
For more information on post-brexit tax horizon and how to prepare, contact Stuart Cole, Director / Corporate and M&A Tax Services.
At BDO we play a leading role in the retail market and work with many of the biggest brands in the industry. We understand the challenges and industry issues our clients face. Our retail team aim to deliver an integrated, full service offering, to provide practical financial advice on everything from mergers and acquisitions and tax planning to auditing and accountancy. We are also well connected with a wide range of retail professionals and works closely with banks, private equity houses, brokers, as well as lawyers and property professionals who specialise in the retail sector. To find out more and to get in touch click here.