Accounting For Import VAT On Your VAT Return
HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union.
Prepping for Customs Declarations
Importers and exporters will need to complete customs declarations next year, regardless of whether the UK agrees a free trade deal with the EU. To complete declarations you will need to have a GB Economic Operator Registration and Identification number (EORI number) and decide if you will use a customs intermediary
Brexit News: Government Grants for Customs Training Funding
HMRC have extended the deadline for customs training funding. Applications are open until 30 June 2021 (or until all funding is allocated). The funding can be used towards helping businesses train staff in making customs declarations.
UK Tariffs From 1 January 2021
From 1 January 2021, the UK will apply a UK-specific tariff to imported goods. This UK Global Tariff (UKGT) will replace the EU’s Common External Tariff, which applies until 31 December 2020.
Brexit News: The Border with the European Union
The Government produced guidance in July 2020 outlining the implementation of Border controls in three stages for importing and exporting goods. This document outlines the processes for moving goods between GB and the EU from 1 January 2021 onwards, including processes to be introduced in April 2021 and July 2021.
Brexit News: Preparing for the End of the Transition Period
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.
