As the Brexit transition deadline approaches, there are a few areas to consider to ensure your business is Brexit ready. The cost of buying and supplying products is strongly influenced by the duties payable on internationally traded goods. Do you know the duties payable on the products you buy? To check EU third country tariffs, consult EU databases such as Market Access Database and TARIC. The current tariffs will apply to UK imports after the end of the transition period.
Registration
Companies who do business across Europe will need to comply with new registration requirements to maintain cross-border trade flows with the EU. According to the official guidance on customs, the free circulation and movement of goods between the UK and EU would cease at the end of the transition period. After that, a new customs and regulatory border would take effect.
Employees
Employers need to be prepared to deal with the period between the UK’s departure from the EU and the introduction of the new UK Immigration System. Currently, EU citizens resident in the UK can stay and apply for Settled Status up until 30 June 2021,
VAT
Applicable to both imports from the EU and non-EU countries, UK VAT-registered businesses will be able to account for import VAT on their standard VAT Return forms.
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