Whilst it is not yet fully known what will happen, 31 December 2020 marks the end of the Brexit transition period for UK businesses.
We work with our dedicated partners The VAT people who will help you and your business with Brexit advice. If you are concerned about the impact that Brexit will have on your business, and are unsure of the implications that the UK’s departure from the EU will have on VAT, The VAT people are here to help.
They can advise on VAT registrations for European businesses importing into the UK, as well as for British businesses who are selling to Europe. There are many solutions to navigating a post-Brexit trading world, such as setting up hubs in Europe or running a direct import to your clients in the continent. The VAT people will consider your unique circumstances and provide tailored and practical advice.
You can also use the Government Brexit checker here to get a personalised list of actions you need to take for you and your business.
You need to act now if you’re:
- importing goods from the EU
- exporting goods to the EU
- moving goods to or from Northern Ireland
- travelling to the EU
- living and working in the EU
- staying in the UK if you’re an EU citizen
You don’t need to wait for the changes to come in to effect – here are the steps you can take right now to get ready for the new year.
Movement of goods
As part of the transition period, you can start preparing your business for the new year by looking into the movement of goods and how things will change.
Here are Government updates advising what you and your business can do to get ready:
- Government publishes updated GB-EU Border Operating Model
- Prepare to import goods from the EU to Great Britain from 1 January 2021
- Prepare to export goods from Great Britain to the EU from 1 January 2021
- How to import and export goods between Great Britain and the EU from 1 January 2021
- Get an EORI number
- Delaying declarations for EU goods brought into Great Britain from 1 January 2021
- List of customs training providers
- Apply for grants if your business completes customs declarations
- Get someone to deal with customs for you
- List of customs agents and fast parcel operators
- Apply to use simplified declarations for imports
- Importing excise goods to the UK from the EU from 1 January 2021
- Exporting excise goods to the EU from 1 January 2021
- Bringing goods to the UK from the EU through roll on roll off ports from 1 January 2021
- Sending goods to the EU through roll on roll off ports or the Channel Tunnel from 1 January 2021
When it comes to selling goods, you can start making changes today ready for the new year:
- Placing manufactured goods on the EU market from 1 January 2021
- Changes to copyright law from 1 January 2021
- Exhaustion of IP rights and parallel trade from 1 January 2021
If your business provides services, here is a breakdown of what you need to consider when the transition period comes to an end:
VAT is changing come the 1st January 2021. Find out below what you can do now to prepare, and what you will need to do differently.
- Check when you can account for import VAT on your VAT Return from 1 January 2021
- Complete your VAT Return to account for import VAT
- Changes to VAT treatment of overseas goods sold to customers from 1 January 2021
- How to report your EU sales for VAT
- Claim VAT refunds from EU countries from 1 January 2021
- Pay VAT when you sell digital services to EU consumers from 1 January 2021
When the transition period comes to an end you will need to think differently when it comes to managing and employing people. Below is the guidance you will need to review for the new year.
- Employing EU citizens in the UK
- EU Settlement Scheme: employer toolkit
- EU Settlement Scheme: applicant information
- New immigration system: what you need to know
Running your business
Day to day running of a business is changing at the end of the transition period. Whether it is providing services, using personal data, or travelling abroad – there are things you can do now to get ready.
Need more information?
Do you need help with the Brexit transition? We work with our dedicated partners The VAT people who will help you and your business. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.