Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello, I am Keith, one of the experts on Just Answer, and pleased to be bale to help you with your question.
You have identified VAT, but operating their payroll under PAYE and accounting for their profits under Corporation Tax (CT) seem the more obvious areas for management involvement. They also deal in alcoholic beverages so there is also liquor duty to contend with.
I do hope that I have been able to assist you with your question.
Well PAYE is an ongoing chore so just worthy of a passing mention. They may well outsource this, many organisations do.
Currently trading within the EU is a standard rated activity. When we leave then the whole ball game will change and sales become exports, zero rated. Also Customs will inspect all incoming commercial goods and impose import duties and VAT. It is estimated that Customs will need at least 5000 extra staff to undertake these duties. All these imposts will have to be paid before the goods are released from bond.
CT is about the only thing which will not change on Britexit, save, of course, for the rate.
I do hope that I have been able to shed some more light for you, Christina.
I would suggest that unless Aldi goes into another huge expansion that losses are an unlikely scenario. The Chancellor hopes to reduce CT to 17% by 2020. Interest can only be allowed up to 30% of net earnings from 2016.
It is not, but it may well affect them, worth a passing mention.
Any competent executive or director will be well aware of all these matters. You will be preaching to the converted, or to put it another way, teaching grandmother to suck eggs!
Please be so kind as to rate me before you leave the Just Answer site.
Thank you for your support.