New Brexit rules: What you need to know about Importing, Exporting and VAT

Gordon Gruppetta

Gordon Gruppetta


Table of Contents

New Brexit rules: What you need to know about Importing, Exporting and VAT

The Brexit transition period has now ended. If your business trades goods with Europe, you will need to be aware of the changes that came into effect as of 1 January 2021.

It is important that your business is ready and you’re aware of these new rules. Listed out below is  information about the VAT changes and new customs processes that we hope you will find useful.

Summary of VAT changes – Fact Sheet

Now, that the UK has left the EU, there are some changes to how VAT will be charged if you’re buying and/or selling goods or services to the EU, Northern Ireland or the Rest of the World. We have prepared a factsheet with the information on the new VAT changes which you can view here – View/Download fact sheet

Should you wish to discuss these in more detail or require more information on how to account for these on your accounting software please call us on 0113 257 4506.

Customs processes

There are a number of useful webinars which you can sign up for, that will allow you find out more about specific changes and topics, as well as allowing you to ask any question you may have.

If you’re new to customs processes, you can begin to get familiar with them using HMRC’s short importing and exporting videos which can be found on their YouTube Channel here – HMRC’S YouTube channel.

There is also a trader checklist which contains a number of communication resources to help you with the Brexit transition period which can be found here – trader checklist

There are also a number of webinars which will provide the latest information and allow you to ask any questions you may have to help you prepare for the new rules.

Exporting: Actions you need to take to prepare for life after 1 January 2021

HMRC are hosting a number of webinars which will explain what actions you need to take to export goods from Great Britain and Northern Ireland.

The webinar will provide a run-through of the key export processes – staged border controls, zero-rated VAT, Customs declaration, using an intermediary as well as licences, certificates, and authorisations that you’ll need.

If you’re planning to export, you can register for the webinar here – Register Here

Trader responsibilities when using an intermediary

If your business imports or exports goods between the UK and the EU, your business will need to complete import or export declarations, or both. This can be a complicated process and for a lot of businesses, it could be beneficial to choose to use an intermediary to do this for them.

HMRC are hosting various webinars which will explain your responsibilities as a trader if you choose to use an intermediary to complete either import or export declarations or both.

To register for these webinars use the following link Register Here  

What are customs import declarations?

If you import goods, you will need to prepare for making customs import declarations on controlled goods from 1 January, and by the end of June on all goods. There are HMRC webinars to help you understand what they are in more detail. These include what is needed for simplified declarations, supplementary declarations, making import declarations without authorisation, and delayed import declarations.

You can register to take part here – Register Here

Importing: Staged controls and how to prepare to use them

Due to Coronavirus affecting businesses ability to prepare for the for the 31 December deadline, the UK is introducing the new border controls in three stages up until 1 July 2021. This will provide you with extra time to make necessary arrangements.

You can register for an HMRC webinar which will walk you through the three stages and the actions you need to take here – Register Here