Post Brexit: What cutting of red tape might SME’s expect?
After almost a full year of foreplay, formal Brexit negotiations with the EU will eventually commence next week. Looking ahead one step further, what can SME’s expect post Brexit? And will the UK Government use this opportunity to further advance their stated policy of reducing red tape? Being de-coupled from the EU could allow welcome relaxations to the following business related rules:
- Audit Exemption – Extension to include all private companies.
- VAT – Removal of VAT Return box 2, 8 & 9 disclosures, EC Sales list submission and reverse charge procedure.
- Data Protection – Exemption from new GDPR 2018 Act.
- State Aid – Removal of EU restriction, to allow EIS and R&D tax rules to become more generous.
- Holiday Pay – No longer to be based on regular overtime.
As well as helping our SME’s, maybe this will also keep us off the European naughty step.
Blog entry by: Ian Piper.