The UK left the EU on 31 January 2020. There is now a transition period until 31 December 2020. During this period, the current rules on trade, travel and business for the UK and EU will be unchanged.
New rules will take effect on 1 January 2021.
The Government has set out how you should get ready for the new rules, if you:
- run a business;
- are an EU citizen staying in the UK;
- travel to the EU; and
- live and work in the EU.
For more information, check: Getting ready for new rules in 2021
If you run a business
During the transition period, HMRC has confirmed that there will be no changes to our terms of trade with the EU. However, the Government has announced that it plans to introduce import controls from 1 January 2021.
So, what should you do to prepare your business for life from 1 January 2021? HMRC advises:
- Make sure that you have a UK Economic Operator Registration and Identification (EORI) number. See: Get an EORI number
- Prepare to make customs declarations – you should decide how you want to make declarations and whether you need get someone to deal with customs for you. See: Appoint someone to deal with customs for you
If you need advice on this or any accountancy, tax and business matter, please get in touch for a no-obligation, free discussion – see our Contact Us page for how to reach us.
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Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Whyatt Accountancy and the writer accept no responsibility for any loss arising from any action taken or not taken by anyone using this material.