How to Prepare for UK's exit from the EU on 31st December 2020
Whether or not a deal is agreed UK businesses will need to take action before the end of the transitional period which is 31st December 2020.
Our clients will be effected on areas such as imports, exports, VAT, customer base, supply chain and the workforce.
If there is no trade deal agreed then there will be changes to tariffs and customs checks. With likely delays and a knock on effect to prices. Also, the devaluation of sterling will cause further price increases.
VAT registered businesses that are Importers or exporters will have to make sure they have a UK economic operator registration and identification (EORI) number. Then decide how they will make customs declarations, and checking if their imported goods are eligible for staged import controls.
Most businesses with a good compliance record will be able to defer import declarations on most goods for up to six months after 1 January 2021. Use this link to obtain an EORI number: https://www.gov.uk/eori
From 1 January 2021, businesses will be able to use postponed VAT accounting to account for import VAT on their VAT return for goods imported from anywhere in the world.
Import VAT will not be due at the border if goods in a consignment do not exceed £135 in value. The only exceptions will be excise goods and gifts.
There will be new rates of customs duty for imports - called the UK global tariff.
If you are an importer, please use this link for further help:
If you exports goods to the EU from the UK, please use this link for further help: