BREXIT EFFECTS - From January 2021

​THERE WILL BE NEW RULES FOR TRADE, TRAVEL AND LIVING IN THE UK AND EU FROM 1 JANUARY 2021.

Many businesses who trade with the EU are no doubt watching the Brexit negotiations closely. Whether or not there is a free trade agreement, many of the administrative changes for trade and travel are already known and it is important you plan ahead for these.

The British government produced guidance in trading between the EU, referring to 3 phases of importance: From January 2021: Traders importing standard goods will need to prepare for basic customs requirements, such as keeping records of imported goods. Traders will also need to consider how they account for and pay VAT on imported goods.
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Traders will then have up to six months to complete customs declarations. While tariffs will be payable where due on relevant goods, payments can be deferred until the customs declaration has been made.

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