January 25, 2021 | Business, Tax, VAT

Following the referendum vote in 2016, the UK officially left the European Union (EU) on 31 January 2020.

The majority of 2020 was then spent in a transition period in which the EU laws continued to apply to the UK. This meant nothing changed for most businesses, but now the transition period has ended, there are several new rules that are being implemented and could affect you and your business.

For example, if your business imports and exports to EU countries, you will now have to deal with customs borders. Customs tariffs may also be due on imports and the way VAT is accounted for with regards to imports from all countries has changed.

To help ease businesses into the new relationship with the EU, the Government has created a post-Brexit legislation. Most new laws and regulations are intended to limit disruption and allow businesses to continue as smoothly as they can.

This guide provides a high-level overview of the key Brexit changes for most UK businesses, with particular reference to importing and exporting.

If you need advice or support on any of the information outlined, we are here to help. Feel free to contact a member of our team today on 01454 619900 or by emailing advice@dunkleys.accountants.