VAT and Customs Brexit review service
Following the General Election and subsequent passage of the Withdrawal Agreement through the Houses of Parliament, the UK will leave the EU on 31 January 2020. There will be a transitional period in place until 31 December 2020 at the earliest.
During the transitional period, the current laws on VAT and Customs will continue to apply along with other existing EU rules and regulations. There will be no significant changes to how you deal with VAT and Customs for at least a year.
Whilst this provides some breathing space to prepare, leaving the EU will involve significant changes to the way UK businesses trade with EU suppliers and customers. Some businesses have already undertaken such assessments to maintain a competitive advantage: if you haven’t acted yet, we recommend you do so now.
We offer reviews of your business to analyse the impact of Brexit on your operations. Our indirect taxation specialists will discuss your business with you to provide advice on your preparations.
Our review will look at YOUR business and focus on your current dealings with suppliers and customers in the EU and your supply chains.
We will outline what changes need to be made to your procedures and processes and whether these changes will result in any additional costs to you.
We will look at the implications of your staff travelling to the EU for conferences, trade fairs or meetings (including Northern Ireland).
We will provide training to your finance staff in basic Customs declarations and provide guidance on the wider commercial impact of trading with third countries.
Our training will outline the general changes that trading with EU will bring for goods and services and then focus on the specific changes as they relate to your business.
From our analysis and discussions with key personnel, we can make recommendations which might alleviate cash flow or cost burdens for the business and assist in decision making to protect particular markets.
Our aim is to work with the business during this process to ensure that Brexit does not disrupt the business’ plans for the present and for the future.
Chiene + Tait is part of an international network of firms, AGN International, which has offices in most major cities and countries of the world.
Some businesses may have to consider setting up a branch or hold stocks of goods in other EU countries depending on their circumstances. If this is the case, Chiene + Tait is well place to be able to deal with this through our international network of colleagues.
The UK Government has announced that it will make grant funding available to businesses who need to take advice. We can provide assistance in obtaining this funding as part of our overall service to you.
Update 22/05/20 – The Government has announced details of the UK’s new post Brexit Customs Duty tariff regime. The UK Global Tariff (UKGT) will replace the EU’s Common External Tariff on 1 January 2021 at the end of the Brexit transition period. Previously, the UK Government produced a “no deal” UK tariff which exempted around 85% of goods from the tariff regime. The new tariff is more detailed and claims to be more simple and streamlined that the current EU tariff for businesses to navigate.
We will be publishing further information on this, however the detail of the Government’s announcement can be seen here.
Meet the team
We hold regular events for our clients and issue regular communications to highlight important developments and new legislation for charities and their governance.