The UK left the European Union as of 31st January 2020 however the impact of this withdrawal on businesses was delayed until the end of the transition period, 31st December 2020. While within the transition period, the UK is still in effect a member of the single market and customs union and as such normal rules apply.
With the end of the transition period fast approaching, any business that trades with the EU should familiarise themselves with the changes which are due to be implemented from 1st January 2021.
In this respect UK businesses should consider two main aspects of trading with EU post-1st January 2021.
Firstly, irrespective of whether the UK and the EU agree a Free Trade Agreement there will be significant changes to how businesses both import and export goods between the UK and EU Member States.
Specifically with regards to imports, a temporary easement period will apply which [dependant on the relevant goods] allows how businesses can choose to customs clear goods. This easement lasts until 30th June 2021 for most goods.
Further to this, UK businesses should also clarify their duty position should a Free Trade Agreement not be agreed.
For advice on how to prepare your business for the UK exiting the European Union, enabling a smooth transition and minimising any potential disruption please call our free helpline for expert advice.
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