The other key announcement from late-December was the Trade and Cooperation Agreement reached by the EU and the UK, announced on 24 December. The main benefit of this deal is the welcome confirmation of zero tariffs or quotas on movements of goods between the UK and the EU. However, beyond that there was very little content that will impact businesses. The transitional period ended at 11pm on 31 December 2020, and the UK is now officially a "third country", therefore the changes to the VAT and customs procedures for ongoing EU trade should be followed.
HMRC has a handy "Brexit checker" that can help businesses narrow down exactly what new requirements need to be followed. It is possible to use a customs agent to handle matters, and a list of these is available here.
Added By: Sharon Worger on 02nd Feb 2021 - 15:22
Number of Views: 26
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