Call +44 (0)1163267786 - Email office@m-cubed.org

Brexit - transition period

The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020.

The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020. However the UK is now in the transition or implementation period during which time it is 'business as usual' as the UK is covered by EU rules until the end of the year. By 2021 the UK aims to have agreed a deal on future arrangements with the EU and the rest of the world.

HMRC has contacted businesses in the UK who may import and export between the UK and the EU to explain what they can do to prepare for changes to customs arrangements after the UK has left the EU.

No change during the implementation period

Between 1 February and 31 December 2020, there will be an implementation period. HMRC has confirmed that there will be no changes to the terms of trade with the EU or the rest of the world during this time.
From 1 January 2021, the way businesses trade with the EU will change and HMRC is reminding businesses that they should prepare for life outside the EU, including ensuring they are ready for customs arrangements.

HMRC is advising businesses to:

  • make sure they have a UK Economic Operator Registration and Identification (EORI) number
  • prepare to make customs declarations.

HMRC has posted letters to 220,000 VAT registered businesses advising them on the current position.

We will advise you on the progress of negotiations and what these will mean for your business.

Internet link: GOV.UK HMRC letters

Copyright

© 2020 M Cubed Chartered Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
+44 (0)1163267786

Address
M Cubed Chartered Accountants, 9 De Montfort Street, Leicester, Leicestershire LE1 7GE
Quick links

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. M Cubed is a trading name of M Cubed Limited. A full list of the firms directors is open for inspection at 9 De Montfort Street, Leicester, LE1 7GE the principal place of business and registered office.
Registered in England & Wales: 02818027

powered by totalSOLUTION