The UK has now left the EU and negotiations on the future trading relationship of the UK and the EU have ended with a deal agreed.
Whilst there is a feeling of great relief that a comprehensive UK-EU Trade and Cooperation Agreement (UK-EU TCA) has been struck, there are significant changes ahead. Operating outside the EU Customs Union and Single Market impacts the movement of goods, people, and data. Although the deal does bring some certainty on many of the new trading rules, organisations must now be ready to understand and implement these changes in order to continue to trade effectively between the UK and EU from 2021 onwards.
So what does the Brexit deal actually mean for businesses?
To help you navigate the new trading landscape we will be putting together a series of updates tackling the key changes, the first of which focuses on VAT & Customs.
Please download Beyond Brexit Update 1: VAT & Customs
The UK continues to levy VAT and the rules relating to UK domestic transactions continue to apply to businesses as they did previously. VAT procedures on the whole remain as those prior to 31 December 2020, but there are some changes to the VAT rules and procedures for transactions between the UK and EU member states.
To help you understand how the UK's VAT rules have changed since 1st January 2021, in the second guide of our Beyond Brexit series, we're specifically tackling VAT Changes. I hope you find it useful.
Please download: Beyond Brexit Update 2: VAT Changes
To help businesses prepare, we have also produced a couple of helpful resources:
- Preparing for Brexit: A Guide for Businesses (including helpful links to tools and further resources); and
- A 15-point Action Plan.
Please click to download your free guide and action plan below:
Concluding, Gerry Collins comments; “The economic consequences of Brexit are unclear and depend on many factors. Businesses need to plan ahead, including preparing cashflow forecasts to ensure they know what money they need, when and where they will get it from. Our clients need to act now to ensure there is no disruption to their business.”
Brexit brings with it many changes, therefore it’s important that you take the necessary actions to protect your business and ensure you can continue to trade. Please do get in touch with our team to receive guidance and advice that is specific to your business and your circumstances.