Firms may face upfront VAT after Brexit


The chair of the Treasury select committee has written to HMRC seeking clarification on what proposed new VAT rules will mean for companies.

Legislation that plans to change how imports from EU countries will be treated after Brexit has been drafted.

The Customs Bill will have its second reading in the House of Commons on Monday.

It could force tens of thousands of firms to pay VAT upfront in cash to HMRC.

Nicky Morgan, chair of the Treasury committee, said she would contact HMRC and will propose that MPs investigate the matter.

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