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By Alex Lennane
International accountant and shipping consultant Moore Stephens has highlighted an imminent change to VAT rules by the UK government which could have significant implications for the shipping industry.
With effect from 1 December 2012, the UK government will remove the VAT registration threshold for non-UK-established businesses, bringing UK law into line with EU law. Businesses without a UK establishment which make taxable supplies of goods or services in the UK will no longer benefit from the UK VAT registration threshold, and will have to register for VAT regardless of the value of taxable supplies they make in the UK.