New year brings new Brexit rules into force
To all intents and purposes, the UK left the EU on 31 December 2020. However, some changes to rules were delayed to ease the transition. From 1 January 2022 there are additional customs rules to be aware of for businesses trading with the bloc. What's changed?
Following the UK’s exit from the EU, there have been wholesale changes to the way imports and exports of goods are handled. The agreement struck in December 2020 means that there are no tariffs applied, but import tax has been applicable since January 2021. Certain processes, mainly regarding paperwork, were not initially required in order to allow affected businesses time to get used to the new relationship with their customers. These have now taken effect:
- full customs import declarations are needed for all goods at the time a business or the courier/freight forwarder brings them into Great Britain
- customs controls at all ports and other border locations
- the possible need for a suppliers’ declaration proving the origin of your goods (either UK or EU) if using the zero tariffs agreed in the UK’s trade deal with the EU
- commodity codes, which are used to classify goods for customs declarations, are changing.
Further information is available from HMRC.
Related Topics
-
Cutting the cost of a company car
You want to help your young son replace the ancient car he currently drives. The plan is for your company to buy it but for the running costs to be met by your son. That’s fine with him but is there a more tax and cost-effective alternative?
-
Meaning of “new and unused” clarified for CAs purposes
The guidance on what “new and unused” means for the purposes of first-year allowances has been updated in order to make things clearer. What’s the full story?
-
Scammers already targeting pensioners over winter fuel payments
Phishing attacks are already being sent to pensioners purporting to be from the Department for Work and Pensions (DWP). What’s going on and how can you avoid becoming a victim?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.