With 53 days to go until the end of the transition period, HMRC has written to VAT-registered traders who trade with the EU, to encourage them to act now in order to avoid business disruption.
The Border Operating Model and tax rules will come into effect at the end of the transition period regardless of whether or not a Free Trade Agreement is negotiated.
To continue trading with Europe from 1 January 2021, businesses should take some key actions:
- Appoint a specialist to deal with import and export declarations. This is important regardless of the amount or value of trade your business does with Europe. Most businesses use a third party such as a freight forwarder or fast parcel operator to deal with this, and do not do their customs declarations themselves.
- Check to see if you will be able to delay your declarations or duty payments.
- Register for the free-to-use Trader Support Service if you plan on moving goods into Northern Ireland from 1 January 2021.
To speak to a member of the International Trade team, email email@example.com