End of the EU Transition Period
The UK has left the EU, and the transition period is over.
The new rules on trade, travel, and business came into effect on 1 January 21.
We can help you understand the new rules to keep your business moving.
Refer to www.gov.uk/transition as your main source of business planning information
So how can we help you?
We know that the EU Exit will have affected every corner of your business from trade to travelling, staff to CE marking. We aim to help businesses to understand the changes applicable to them and their options to move forward. No question is too much and we will always look to help provide you with the information to make your business decisions.
As a small example, we can help you to understand...
If you are importing or exporting you must have an EORI number (Economic Operator Registration Identification Number starting with GB)
To avoid delays at the ports its essential to ensure you have got the right commodity codes and documentation for consignments being transported.
We understand that couriers or haulage companies all have their own way of dealing with customs. This can be confusing and difficult. We can help you to understand their procedures and decide what is best for your business.
For importers, grace period restrictions will tighten in October 2021 and January 2022. Make sure that you prepare in advance.
Tariffs and Quotas
There is no duty payable on goods of UK or EU origin - BUT you still need to complete customs declaration and will pay duty if you are unable to evidence the goods are of UK/EU origin.
Special rules relate to goods moving in/out/through Northern Ireland due to the Northern Ireland protocol. Sign up to the Trader Support Service for guidance.
NEW Customs Documentation Process & System effective from 1st January 2021
NEW Rules for Travel
There are new rules for travelling to the EU, or to the EFTA countries (that includes: Switzerland, Norway, Iceland or Liechtenstein).
Things you need to do before you go include:
check your passport
get travel insurance that covers your healthcare
check you have the right driving documents
organise pet travel - contact your vet at least 4 months before you go
Click the following link for more information before you travel
There are more things to do if you’re travelling for business. For example, going to meetings and conferences, providing services (even with a charity), and touring art or music.
Accounting for VAT in the EU
If you export to the EU, you will need to consider import VAT in the destination country and, importantly who is going to account for that VAT:
Which INCOTERM® do you use? Are you responsible for the VAT or is your customer?
Are you selling B2B or B2C?
If you don't properly consider the VAT obligations before moving the goods, you run the risk of incurring delays and complications. It may be that you end up accounting for the VAT in an EU country where you are not VAT registered and so unable to reclaim the VAT back.
If you sell to consumers, have you considered their customer experience? Are you going to account for the VAT or will your customer pick up the VAT bill on delivery?
Do you need help understanding your VAT obligations?
Do you understand the new One Stop Shop (OSS) EU VAT simplifications?
Living or Working in the EU
If you live or work in the EU – you now need to consider the rules in that individual EU country, and you may need to apply for residency in that state.
Again you should also check your healthcare cover, and you may also need a new driving licence.
If you own a property or business in the EU you should also consider how these rules affect you – because as the UK is now classed as a third country, there may be restriction on business ownership, management and directorship.