Preparing for Brexit
Time is running out for businesses to prepare for the eventuality of Brexit. Regardless of the outcome of the current trading negotiations, Brexit will impact in a major way on many business decisions.
It is important to remember that, as matters currently stand:
- only Ireland ⇿ Mainland UK transactions will be affected, as regards supplies of goods, for both VAT and customs duty
- Ireland ⇿ Northern Ireland transactions in goods will be unaffected as a result of the Northern Ireland protocol
- All supplies of services will be affected by Brexit.
The following areas should be given immediate attention:
- Customs Duty – click here
- VAT – click here
- Grants and Other Financial Supports : link here
- Overall Brexit Readiness Checklist: link here
- ie Six Steps to Preparing Your Business: link here
A summary of the VAT and Customs Duty rules that will apply after 31 December 2020 are set out below:
At PSC, we are committed to assist you with these Brexit action points. Please contact your usual PSC contact if you require any assistance.
Disclaimer: The content of this document is for general information only and should not be relied upon as a legal or professional interpretation of any law or other guidance. While every care has been taken by the Author in the preparation of this document, PSC Accountants Limited or associated companies will not be liable to you or any third party for any loss including, but not limited to loss of profits, goodwill or any type of special indirect or consequential loss howsoever caused ( including loss or damage suffered by you as a result of an action brought by a third party) arising out of or in connection with the provision of our services, in contract, tort, by statute or otherwise, even if such loss was reasonably foreseeable or in the contemplation of us or if we had been advised of the possibility of you incurring the same unless the loss is primarily caused by bad faith, gross negligence or wilful default by us.