Business Update – January 2021

6 Jan 2021

Business people and graphs

The articles in our January issue of Business Update consider some of the VAT and audit changes that businesses will need to get to grips with over the course of the year:


VAT and the movement of goods in 2021

New rules came into force at the end of the transition period. Our article looks at postponed import VAT accounting, deferred customs declarations, the UK Global Tariff, inbound and outbound retail sales, incoterms and trade with Northern Ireland, among other issues. Read more.

VAT and services in 2021

The UK-EU trade agreement was silent on the VAT position of services, as expected. That said, there are now certain considerations service providers need to be mindful of when trading with the EU. In our article, we consider the situation for supplies of professional/intangible services, electronically supplied services and financial/insurance services. Read more.

What to expect from your audit in 2021

Aside from the pandemic’s direct impact on the 2021 audit process and the challenges of auditing businesses remotely, there are changes to auditing standards for accounting periods commencing on or after 15 December 2019. Businesses will need to understand the impact of these and the additional work that may be required. We outline the changes to auditing accounting estimates and related disclosures (ISA (UK) 540), the going concern assessment (ISA (UK) 570) and forming an opinion and reporting on financial statements (ISA (UK) 700). Read more.