As the exact rules regarding the relationship between the EU and the UK are still being agreed, it is important to keep up to date with developments. RMB is monitoring the situation and regularly reporting to affected customers. Subscribe to our Brexit newsletter for regular updates.
If you would like to know how your business will be affected by Brexit, contact us today. We will map your operations and flow of goods to help you determine your fiscal liabilities and the actions you need to take.
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The United Kingdom left the European Union on 31 January 2020. Under the leaving agreement, there was a transition period (also called the implementation period) which came to an end on 31 December 2020. During this time, the EU and UK attempted to create a new trade deal which took effect from 1 January 2021.
At the end of the transition period, the UK lost all rights to trade under existing arrangements. In the absence of an agreement, the so-called "no deal Brexit", the movement of goods between an EU country and the UK became classed as an import/export operation and are now subject to customs procedures.
How Brexit affects my business?
Depending on the nature of your business, you may be affected by:
- Customs tariffs and duties: Goods moving between the EU and UK are taxed on import. Customs tariffs will need to be paid when the goods enter the importing territory except if goods are of "preferred origin".
- Import VAT: All goods moving between the EU and UK are subject to VAT on import.
- VAT registrations: The EU’s One-Stop Shop (OSS / IOSS) platform is deactivated in the UK. This forces companies to register for VAT in the country where their goods arrive or depart if they want to reclaim VAT. If UK sellers want to use the OSS or IOSS platform, they'd need to subsribe to the OSS in one of the EU countries. Contact us if you want to know more.
- VAT refund requests are subject to the ‘13th Directive’. This can delay VAT refunds by six months or more.
- An EU EORI number will be needed by companies which import or export goods to the EU. UK companies must have two EORI numbers: one for their EU operations and one for operations in the UK.
- VIES: The EU’s VIES platform is no longer accessible by UK companies. The validity of british VAT numbers can be checked on the website of the HMRC.
How can RMB help?
Use RMB’s expertise to help you to decide which options are necessary for your business and your next steps. In addition, we offer:
- A free audit of your business to determine your needs and compliance liabilities
- VAT compliance services and training for companies in Europe and the UK
- Fiscal representation in countries where it is needed
- Customs compliance and other related services
- Establishment of ‘designated exporter’ records in the EU for companies outside the EU
- Intrastat filing.
Contact us today to find out how you can minimise the effect of Brexit on your business…