Prepared by Flavio Mondello Malvestiti
The United Kingdom will leave the EU Custom Union and Single Market on the 31/12/2020.
Rules underpinning trade and commercial relationships between the two blocks will change as of the 1/01/2021. This will be so irrespectively of the outcome of current negotiations.
The British government released detailed information on how EU-based businesses can prepare to continue trading with the UK from January 2021.
If you are an EU-based business with trading relationships with the UK, you must take actions on the following areas in order to keep on trading with the UK:
1. Buying or selling goods
Make sure you talk to your trading partners in the UK to agree responsibilities and have the correct paperwork for the type of goods you are trading with counterparts in the UK. Ensure you have completed the necessary border requirements. Do not hesitate to contact our experts to know more on the necessary steps.
If you sell agri-food products to the UK, your business may need to:
- check the requirements for exporting food, drink or agricultural products to the UK from the EU
- check what documents, licences and certificates are required for the goods you are exporting from the EU into the UK and how to apply for them
- pre-notify the UK authorities about the goods you are exporting from the EU into the UK
2. Paying VAT or claiming VAT refunds
Make sure you understand the new rules for paying import VAT on parcels you send to UK buyers.
Check how to claim VAT refunds on goods and services you buy from the UK from 1 January 2021.
3. Transferring personal data to the UK
Your business may need to make some changes to allow you to continue to share personal data with businesses or other organisations in the UK. Be prepared on data protection and data transfers.
4. Providing services in the UK
Your businesses might be affected by the changes from 1 January 2021. There may be new rules if:
- you have branches or subsidiaries in the UK
- your business is part of a service sector within the UK
- you are planning a merger with a UK company
- you or your employees travel to the UK for business
- you or your employees provide services in a UK regulated profession
Check the regulations for the UK, including visa requirements, and understand how changes could affect your business.
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