BREXIT Trade Agreement

BREXIT Trade Agreement

BREXIT Trade Agreement

The transition period for the UK leaving the EU has ended. The EU and UK have struck a trade deal, and this has been ratified by the UK Parliament so from 1 January we are trading with the EU quota and tariff “free”. There are new Customs regulations and VAT requirements to get to grips with, but we have every confidence once we get used to the new system imports and exports will continue to flow.

The full agreement is entitled “trade and cooperation agreement between the European Union and the European atomic energy community, of the one part, and the United Kingdom of Great Britain and Northern Ireland, of the other part” and can be seen at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/948119/EU-UK_Trade_and_Cooperation_Agreement_24.12.2020.pdf

THE KEY POINTS OF THE AGREEMENT ARE:

  • Travel – UK nationals will need a visa for stays longer than 90 days in a 180-day period and there will be new procedures for UK travellers at EU borders. European Health Insurance Cards (EHIC) will remain valid until they expire. Mobile roaming charges may change so if you are using your phone abroad check with your plan provider first.
  • Trade – There will be no tariff charges on goods or quota limits on the amount that can be traded from 1 January. However there will be Customs checks at borders and customs declarations will need to be made by exporters from the EU and the UK.
  • Services – UK financial businesses lose their access to EU customers (many larger firms have already established subsidiaries within the EU to continue access) and whilst the UK has granted EU businesses temporary permission to continue servicing UK customers, there is no reciprocal EU agreement for UK businesses as yet. We expect regulatory discussions about “equivalence” in 2021 and hopefully, an arrangement whereby UK firms will get access to EU customers.

There is a Government Brexit checker to assist with the planning for business, family, and personal circumstances. Use the Brexit checker to get a personalised list of actions. You can also sign up for emails to get updates for what you need to do.

See: https://www.gov.uk/transition

There are other agreements on fishing, security, the Justice system and study which have been widely commented on in the last few days and it is now a question of moving forward with the agreement and we will keep you informed of the practical measures that follow.

Our Offices

Makesworth Accountants in Harrow

Unit-101, First Floor,
Cervantes House, 5-9 Headstone Road,,
Harrow, London HA1 1PD
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Central London

63/66 Hatton Garden
Fifth Floor Suite 23,
Central London, London EC1N 8LE
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Ilford

Balfour Business Centre, Suite B15
390-392 High Road,
Ilford, London IG1 1BF
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Glasgow

Unit 103, Nasmyth Building, 60 Nasmyth Avenue, Scottish Enterprise
Technology Park,
East Killbridge, Glasgow G75 0QR
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

Makesworth Accountants in Barnet

169 High Street,
Barnet, London EN5 5SU
United Kingdom (UK)
Phone: 020 7993 8850
Fax: 020 7183 5320
Email: info@makesworth.co.uk

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