Скачать или смотреть Entering The Third Phase Of Brexit VAT And Customs Duty Considerations

For many organizations trading in goods, the end of this month could mark the end of the second phase of Brexit and the start of a next. In this third phase, organizations are likely to want to take the time to review how effective their import and export movements have been so far and to review whether any unexpected liabilities may be building up, which could require remedial action. For many, the run-up to the end of the Brexit transitional period on 31 December 2020 involved hasty preparations to start the UK's new international trading relationships. From a VAT and Customs Duty perspective, businesses trading in goods faced the greatest changes. These changes were significant and created "business-critical" risks for organizations to deal with, both in terms of minimizing the impact on their margins and ensuring the ability to continue to trade with their customers and suppliers. For the first few months of 2021, those organizations have primarily been reacting to the new Brexit rules, both from a technical perspective and a practical one. There were several "myths" about the UK/EU trade deal which resulted in considerable friction. The amount of change arising from the UK's exit from the EU differs from business to business. However, generally, organizations believed that they would do no more than ensure that they had taken the minimum necessary steps to ensure their products could reach their customers after 1 January 2021. Now that organizations have had several months to adjust to the new Brexit rules, they may want to use the coming months to review whether their revised arrangements are working effectively and consider whether a more strategic approach can be taken. From 1 January 2021, the UK has a new international trading relationship. For many organizations, the lack of certainty caused by the UK/EU trade negotiations only concluding in late December 2020 meant that the first few months of 2021 had been spent in a largely reactive way, whereby organizations ensured that their products could move to customers. Now that the immediate hurdle has been overcome, organizations are encouraged to review whether their arrangements have any hidden costs that can be removed in full or made more efficient from a VAT or Customs Duty position. Something which may be of interest to UK-based small and medium-sized enterprises (SMEs) that have not previously been involved with import or export transactions is the government's Brexit support fund which is now open for applications. SMEs can apply for a grant of up to £2,000 to support them while adapting to new rules on trading with the EU. Applications must be submitted by 30 June 2021.


All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/robertma...


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