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.
​
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.

From April 2021: All products of animal origin (POAO) and all regulated plants and plant products will require prenotification
and the relevant health documentation. Any physical checks will continue to be conducted at the point of destination until July 2021.

From July 2021: Traders moving any goods will have to make full customs declarations at the point of importation and pay relevant tariffs. Full Safety and Security declarations will be required.

While there will be changes to the way goods move between Great Britain and Northern Ireland, the Northern Ireland Protocol will support cross-border trade within Ireland.

It is designed to avoid customs tariffs, customs declarations, and customs controls in trade between Northern Ireland and the European Union, in particular the Republic of Ireland. Effectively Northern Ireland is subject to EU rules on customs and on the regulation of goods.

The Northern Ireland Protocol necessitates checks and customs controls on goods entering Northern Ireland from Great Britain. To a lesser extent, it necessitates some controls on goods leaving Northern Ireland and going to Great Britain. The Protocol is due to last for four years i.e. Until the end of 2024. It may be renewed successively every four years, by democratic consent in Northern Ireland. Consent is to be expressed by a simple majority of the Northern Ireland Assembly. If consent is renewed with cross-community support, it holds for an eight-year period.

LEARN MORE - Go to www.gov.ie/brexit