Read our quick-start guide, outlining a variety of areas that could impact your business post Brexit.
Need to know
The UK Brexit transition period ended on 31 December 2020. New rules apply from 1 January 2021. This page brings together guidance and news from ICAEW, as well as externally-produced resources that provide practical information on navigating the new customs processes and procedures for international trade.
ICAEW guidance to help accountants and businesses understand how the UK’s VAT rules are changing from 1 January 2021.
Latest news and insights
Small and medium-sized UK businesses needing support on customs duties and VAT will be able to apply to the SME Brexit Fund for a grant of up £2,000 to pay for professional advice or training, confirms HMRC.
16 December: HMRC has published guidance on the validity of binding origin information decisions issued by the UK after the transition period and what this means for businesses importing and exporting goods.
10 November 2020: With less than 30 working days to go until the Brexit transition period ends, ICAEW Tax Faculty delved into all things VAT and customs for a special webinar covering the impending changes to import and export rules.
5 October 2020: The methods for deferring import VAT might result in somebody other than the owner paying the VAT. HMRC’s latest guidance reiterates that only the owner can reclaim the VAT and use postponed accounting from 1 January 2021.
23 July: From 1 January 2021 VAT on imported goods with a value of up to £135 will be collected at the point of sale not the point of importation, HMRC has confirmed.
Step-by-step guide explaining how to bring goods into the UK from any country. It covers tax and duty, customs declarations, licences and certificates, VAT refunds, commodity codes, and other import procedures.
Information on which businesses can, or need to, account for import VAT on their VAT Return (also called postponed VAT accounting). It also covers businesses that use agents or forwarders to import goods on their behalf, how to complete customs declarations, and importing merchandise in baggage.
Businesses need to follow normal import declarations rules for controlled goods imported into Great Britain from the EU. Goods that are not on the list can be recorded in your own records without getting authorisation in advance until 31 December 2021.
Guidance on how to make import declarations on goods that are not controlled and delay sending HMRC the full information by up to 175 days with a supplmentary declaration.
HMRC webinar explaining the three stages of the new border controls introduced on 1 January 2021, and what actions businesses need to take for each stage.
HMRC webinar explaining customs import declarations on controlled goods imported into Great Britain from the EU. It highlights the process for simplified, supplementary declarations and delayed import declarations, as well as key terminology.
Handy decision trees from HMRC on the importing and exporting processes from January 2021.
Guidance on the different simplified declarations for imports and what businesses need to do to get authorisation to use them. It also covers third-party representatives applying for authorisation.