Brexit - transition period
The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020. However the UK is now in the transition or implementation period during which time it is 'business as usual' as the UK is covered by EU rules until the end of the year. By 2021 the UK aims to have agreed a deal on future arrangements with the EU and the rest of the world.
HMRC has contacted businesses in the UK who may import and export between the UK and the EU to explain what they can do to prepare for changes to customs arrangements after the UK has left the EU.
No change during the implementation period
Between 1 February and 31 December 2020, there will be an implementation period. HMRC has confirmed that there will be no changes to the terms of trade with the EU or the rest of the world during this time.
HMRC is advising businesses to:
HMRC has posted letters to 220,000 VAT registered businesses advising them on the current position.
We will advise you on the progress of negotiations and what these will mean for your business.
Internet link: GOV.UK HMRC letters