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 providing practical information on inventory planning and supply chain issues.
Brexit provides an opportunity for businesses to consider the information they hold on their supply chains/inventory as well as their approach to continuity planning. Read our guide to assist you in balancing the costs of these exercises with the potential benefits.
Thirty minute session from ICAEW Virtually Live covering the 10 practical considerations that businesses need to be focusing on right now to be prepared for the end of the transition period
Read our quick-start guide, outlining a variety of areas that could impact your business post Brexit, to help you prepare for when the transition period has ended.
4 January 2021: While the UK-EU trade deal is a positive step towards ensuring the ongoing flow of goods between the two partners, many questions remain on how it will affect business operations in the current COVID climate.
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.
21 October 2020: The Brexit conversation used to revolve largely around processing forms. Now it is more about the CFO grasping that Brexit is a key part of business resilience. This is this view of Tim Morris, Chief Executive of UK Major Ports Group.
12 October 2020: With new border processes and controls approaching regardless of any deal with the EU it is critical that the UK prepares now, urges UK Major Ports Group.
30 September 2020: As the Brexit transition period nears its end, businesses in the UK and EU face a number of VAT issues that need to be addressed, says indirect tax expert Stephen Dale, FCA.
Brexit provides an opportunity for businesses to consider the information they hold on their supply chains/inventory as well as their approach to continuity planning. Read our guide to assist you in balancing the costs of these exercises with the potential benefits.
This webinar, in partnership with MHA MacInytre Hudson, explores export supply chain scenarios and highlights areas that UK businesses must consider as part of their Brexit planning to avoid unnecessary delays or compliance failures. It covers INCOTERMS for reviewing contracts, options for minimising customs duties, and labelling requirements.
UPS Brexit resources page outlining how to ship between the UK and the EU, including a Brexit-Ready Toolkit and shipping manuals.
Guidance from the European Commission to help businesses prepare for changes to customs and tax from 1 January 2021, when the Brexit transition period will have ended. Includes relevant 'notices for readiness' and a Brexit checklist for traders (PDF, 1 page).
Guidance from the European Commission to help businesses prepare for changes to customs and tax from 1 January 2021, when the Brexit transition period will have ended. Includes relevant 'notices for readiness' and a Brexit checklist for traders (PDF, 1 page).
Tool from the UK Government to look up commodity codes, duty and VAT rates
Tool that allows you to identify customs tariffs, tariff rate quotas, trade remedies, regulatory requirements and preferential regimes applicable to your product. Includes a library of 400+ trade agreements. Funded by the EU and GRIPS.
Briefing from UK law firm Travers Smith which explains how contract drafting could help to hedge against goods shortages as an alternative to stockpiling
Article from Supply Management magazine (CIPS) explaining how a short survey of your supply chain can help you see beyond your tier-one suppliers and provide the information needed to build up a realistic buffer.