Trading with the EU post Brexit

Are you ready to do business with the EU?

With just over one month to go until the end of the transition period, there will be new rules to follow when trading with the EU post Brexit, from 1 January 2021 onwards.

The UK government seems intent on following through with its “no-deal” guidance, as it stands, despite not defining in any clear terms what benefits lie beyond. What is clear, is that the global playing field has evolved- consolidated, even since one month ago. The US president-elect has expressed his discord with a disjointed Europe and in Asia, fifteen countries have formed the world’s largest trading bloc, covering nearly a third of the global economy. One would expect these factors to shape the course of dialogue in the latest round of Brexit negotiations. Let’s hope it all proves to be a big anti-climax- which at this stage may come at best only in the form of a “window dressed” political agreement of reduced or zero tariffs.

We digress. You can find out what you need to do, as a business or as a citizen, by going to gov.uk/action-2021. The top actions you need to take now are:

Check the new rules on importing and exporting goods between the EU and Great Britain from 1 January 2021

Your business could face delays, disruption or administrative costs if you do not comply with new customs procedures from 1 January 2021. We will be releasing additional guidance on trading with the EU, specifically concerning VAT and import duties, in due course. A policy paper on how the border with the European Union will work after the transition period is available at gov.uk/government/publications/the-border-operating-model.

If you are planning to recruit from overseas from 1 January 2021, you will need to register as a licensed visa sponsor

You may not be able to legally hire people from outside the UK if you do not have a licence. New employees from outside the UK will also need to meet new job, salary and language requirements. Irish citizens and those eligible under the EU Settlement Scheme are not affected.

Use gov.uk to identify changes affecting manufactured goods, such as new marking requirements or approval needed, to ensure your business is ready to sell them in the UK and EU

You may not be able to sell your goods in the UK and the EU from 1 January 2021 unless you act.

If you are moving goods into, out of, or through Northern Ireland, check the latest guidance

Whether you’re an existing client or don’t yet use our services, we would be pleased to help you. Contact Mouktaris & Co Chartered Accountants for expert advice or click here to subscribe to our Newsletter.

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