The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK officially left the EU on 31 January 2020. However the UK then enters an implementation period during which time it is ‘business as usual’, with the UK covered by EU rules until the end of the year. By 2021 the UK Government aims to have agreed a deal on future arrangements with the EU and the rest of the world.
HMRC has contacted businesses in the UK who may import and export between the UK and the EU to explain what they can do to prepare for changes to customs arrangements after the UK has left the EU and to confirm there are no change during the implementation period.
To read the letters HMRC sent to businesses click here.
VAT and EU Trade in Goods Post Brexit
Whatever happens with Brexit, and when, UK businesses will continue to trade with the remaining 27 Member States, and also within them. In addition, while the EU will be moving to a ‘definitive’ VAT system in 2022, four ‘quick fixes’ will be applied to the VAT rules for intra EU trade in goods effective from 1 January 2020. Other changes will take place in 2021
Our one-day course “VAT and EU Trade in Goods Post Brexit” will provide in-depth, practical guidance on all the VAT legal, invoicing and reporting requirements of such trade in ‘real time’. It also highlights the danger areas for unforeseen VAT registrations or obligations in other Member States arising now, and post Brexit. Trade via the internet is covered for each relevant point.
For more details and to book this course, click here.