Are you ready for the new rules for business with the EU?
With just over a month to go until the Brexit transition period is due to end, it is worth looking ahead to the new rules which will be in place from 1st January 2021.
It is worth planning now if your business trades within the EU. This will include the way your business can import and export goods. The process you will need to follow if recruiting employees from the EU and the way your business can provide services to the EU.
Importing goods from the EU
- You will need to make customs declarations when you import goods from the EU, just like you currently do for goods imported from the rest of the World. Most businesses use a courier, freight forwarder or customs agent to do this on their behalf.
- The rules for importing some types of goods will change, you can find out more here.
- Make sure you have an EORI number that starts with GB to import goods.
- Custom duties and VAT will now be applicable to all imports.
Exporting goods to the EU
You will need to make customs declarations when exporting goods to the EU, just like you currently do for goods imported from the rest of the World. Most businesses use a courier, freight forwarder or customs agent to do this on their behalf.
- The rules for exporting some types of goods will change, you can find out more here.
- Make sure you have an EORI number that starts with GB to import goods.
- You can now charge customers VAT at 0% on most goods you export to the EU.
- The business importing from you will also need to be prepared with the necessary import’s customs declarations.
The Northern Ireland protocol
The Northern Ireland protocol was designed as a practical solution to avoid the hard border of Ireland. The details are still being finalised and you can find out more about the details here.
The Government’s transition website provides all the up to date guidance which you can access here.
Sean Daniel, Managing Director said, “If your business trades in the EU then you will need to look at the new requirements and plan ahead to ensure a smooth transition”.
If you need any help or support with managing the Brexit transition, please get in touch with the Clear Vision Financial Management team, call us on 01794 330025 or email us
