How Do I Prepare My Business for Brexit on 1 January 2021?
The UK has left the EU, and the transition period after Brexit comes to an end on 31 December 2020.
If your business trades with the EU, there will be changes to UK-EU trade at the UK border, including customs, tariffs and VAT.
Here are a few things you need to be aware of:
- You need to have an EORI number
- VAT changes for good sold to overseas customers
- VAT changes for goods purchased from overseas
- Accounting for import tax on your VAT return
- Changes to EU VAT refunds
If you have any questions regarding the above, please don’t hesitate to contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.