Brexit implications on your business

Are you a VAT registered business trading between the UK and EU? You might find the below Brexit update from HMRC EU Exit and Borders useful.

What Brexit means for your business?

From 1 February 2020, the UK is no longer a member of the EU. The transition period will last until the 31 December 2020. During this time no changes to the terms for trading with the will take place (unless rules change for the whole of the EU). 

This means there will be no changes to customs, VAT, excise, free movement of goods or any other terms of trade (at least in relation to Brexit). 

What will happen after 31 December 2020?

From 1 January 2021, the terms of trading with the EU will change, e.g. new customs arrangements will take place. You will need to make customs declaration if you are importing or exporting goods to and from the UK. 

What you need to do now:

1. Check updates regularly. Follow our page or check on 

www.gov.uk/hmrc/business-support

2. Make sure you register for the Economic Operator Registration and Identification (EORI) number. 

You will need it to submit a customs declaration. Make sure it starts with letters GB. 

You can find out more at

www.gov.uk/eori

3. Decide how to make a customs declaration. 

You can either make declarations yourself or work with a customs agent. 

Information and guidance will be provided by HMRC soon.

Transitional Simplified Procedures (TSP):

Registration and use of the TSP are currently being suspended. If you already applied for the service, keep your documentation safe. Postponed VAT accounting is currently not available during the implementation period. 

Source: HMRC, EU Exit and Borders

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