The Brexit transition period will end on 31st December 2020, and it is essential that businesses are prepared for the new rules that will come into place on 1st January 2021. But what exactly are these changes, and how can businesses prepare for new working practices and trading agreement?
Changes will predominantly affect business who import/export goods to and from the EU:
- Going forward, you’ll need to make customs declarations when you import/export goods to and from the EU. You can make the declarations yourself, but most businesses use a courier, freight forwarder or customs agent
- Check if you can make the importing process quicker – in some situations, you can delay making a declaration for up to 6 months after you imported the goods
- Check your rates – you need to pay for customs duties and VAT on all imports
- Find out if you can charge VAT at 0% – you can charge customers VAT at 0% (known as ‘zero rate’) on most goods you export to the EU
- Check if the EU business you’re exporting to is ready – before sending the business your goods, check they can make the necessary import customs declarations. They’ll also need a licence or certificate to import some types of goods
- Check the new rules for your type of goods – the rules for importing and exporting some types of goods will change
Get the complete list of what you need to do for you, your business and your family.
We understand that this is a lot to take on board and that you may want some additional help and information. That’s why we have put together some key resources relevant to guiding your business through Brexit changes.
The Norfolk Chamber of Commerce has expert Chamber Customs staff to provide both support and advice, as well as the processing of customs declarations for both import and exports.
The Federation of Small Businesses (FSB) has provided an introduction pack about what smaller businesses should be thinking about by setting out some of the possible scenarios as a result of Brexit. The UK business organisation representing SMEs has the responsibility to help small businesses:
- Understand the withdrawal agreement including EU Commission and UK Government backstop propositions to avoid a hard border on the island of Ireland
- Understand the range of end-state scenarios that are possible
- Prepare for the scenario that would cause the most disruption to the business continuity of small businesses in the short to medium term
Navigating Brexit for British farming: the National Farmers Union (NFU) is a representative body for agriculture and horticulture in England and Wales. The NFU website has the latest information and resources for the agricultural sector to understand how to prepare for and approach Brexit.
If you’re concerned about the tax implications that Brexit might have on your business, get in touch with one of our tax specialists. They are always happy to speak with you about any queries and to assist your business.