Nicholas Ryan the principal of The VAT Practice has over 29 years experience as a VAT specialist building up an extensive knowledge and understanding of Irish, UK and international VAT.
Nick started his career with HM Revenue & Customs as a VAT control officer, it was his interest in how businesses manage their operations and his desire to work more closely with businesses in managing their VAT affairs that lead him to move into the private sector.
Nick has worked for a number of the Big 4 practices both in Ireland and the UK. Since his move to Ireland in 2002 Nick was Director of VAT for PricewaterhouseCoopers in their Cork office and, prior to this, head of VAT services for the Munster Region for Ernst & Young. During his career in the UK Nick also worked for PricewaterhouseCoopers and was a part of the VAT leasing team at KPMG.
During his career he has worked with a wide range of clients including Plc’s, owner managed businesses, sme’s and not for profit organizations. He has advised these clients on a broad spectrum of VAT issues from multi territory transactions, cross border and domestic issues, managing Revenue audits, compliance and risk management issues and the application of VAT to specific transactions or industry sectors.
Interesting article and very timely. One point to note about TSP is that is ONLY applies to UK established businesses, non-established businesses operating in the UK are not eligible. The likely no deal Brexit could provide for a significant impact to those EU businesses, and some non Eu businesses, who are already registered for VAT in the UK, but have no permanent establishment here, for holding stock in the UK and, for those EU businesses that will be required to register for VAT in the UK under distance sales or consignment stock operations.
I understand that HMRC are in discussions with the travel industry on post Brexit changes and the application of TOMS. The current train of thought is that, where a no deal Brexit to occur, UK TOMS operators would only be required to account for UK VAT on the margin achieved for UK holidays. Consideration will need to be given to the impact any changes may have on entitlement to deduct VAT on associated costs.
The over-riding consensus is that any business, including TOMS operators, either trading into the EU or purchasing from the EU needs to start planning and considering how any changes to VAT will impact on their business.
Given the probability of a hard Brexit is increasing, see our post on the VAT implications for Irish and UK businesses under a no deal scenario,