Brexit Trade Deal & how it will affect business
Now that Brexit is complete, we would like to provide you with some information regarding the changes that have happened.
To read the Brexit Trade Deal in full please visit the official UK government website here – https://www.gov.uk/government/publications/agreements-reached-between-the-united-kingdom-of-great-britain-and-northern-ireland-and-the-european-union
What the deal says:
(As per the UK government publications website, accurate at the time of printing)
There will be no duties to pay on goods (tariffs). Nor will there be limits on the amount that can be traded (quotas) between the UK and the EU from 1st January 2021.
Please note that VAT will have to be paid on the value of the goods being imported when being processed through customs. Although this is something that can be claimed back in-country if the consignee has this option set.
The consignee will be required to assist with customs clearance, in the same manner as clearance of goods imported from countries outside of the EU.
Some new checks will be introduced at borders, such as safety checks and customs declarations. All EU shipments will be sent with a commercial invoice, that legally must state the true commercial value of the goods.
There are new restrictions on certain UK animal food products. For example, uncooked meats, such as sausages and burgers cannot enter the EU unless they are frozen to -18C.
What does that mean?
Having a deal established means that the concern over some goods becoming more expensive has been, for the most part, avoided.
However, businesses will still need to prepare for new procedures at EU and UK ports. Should the required paperwork not be completed, or be completed incorrectly, disruption to the shipment may be caused.
Although through this transition period we will inevitably experience the rare case where shipments will be held in customs or be returned to the UK, this will improve once the couriers and freight forwarders have modified their processes and are able to fully adapt to the new EU shipping requirements.
To learn more
The BBC has produced a simplified article to help explain the changes.
To read the article in full please visit – https://www.bbc.co.uk/news/explainers-55180293
For any further questions, please feel free to contact our team.
+44(0)2380 480 450 or email firstname.lastname@example.org