Once the transitional period for the UK finally leaving the EU ends on 31 December, businesses that trade in goods with the EU will be required to follow new customs processes and declaration forms. The Government is aware that there will not be enough expertise in businesses to be able to adapt to these new changes and so it has provided funding to tackle this.
Whilst the final trade deal has not been agreed with the EU, the Government and HMRC have both stated that entry and exit declarations will be required post 31 December 2020 (unless the transition period is extended). In addition, the Government has already stated that the UK will not be part of the existing Customs Union, which means that there may be tariffs applied to goods moving to and from the UK. The Government has also confirmed plans to introduce import controls on EU goods at the border after the transition period ends.
Hillier Hopkins has also found that HMRC is targeting micro and SME businesses that import from, and export to, countries outside the EU and have been issuing significant duty and VAT assessments because the declarations or supporting paperwork are not correct.
Watford accountants Hillier Hopkins has secured Government funding to provide a half day course led by their indirect tax experts Ruth Corkin and Farzana Khan to cover all the essentials and bring businesses up to speed. The training is free of charge to businesses that will be affected and is being held in Watford on 26th February and 3rd March 2020, 10:00am – 15:00pm.
Even if your business does not have intra EU sales of goods, but imports from or exports to countries outside the EU, this workshop is worthwhile to attend. Hillier Hopkins has noticed an increase in HMRC enquiries into issues associated with importing and exporting. The course aims to provide businesses with the tools to minimise the risk of errors and assessments, regardless of what the final trade deal with the EU may look like.