Life After Brexit – An amicable split or a bitter divorce?

Midnight on 30 June 2020 has come and gone, and with it, the ability for the Brexit Transitional period to be extended beyond 31 December 2020.  We are now in the final 6 months of the UK’s marriage with Europe, falling just short of celebrating the golden anniversary. 

As we now look to the post-Brexit period, thoughts begin to turn to the future relationship between UK and its erstwhile EU partners.   

Obviously, negotiations are still ongoing between the UK and the EU on the final trade deal; however, given the lack of time; UK businesses wishing to trade with the rest of the EU, and EU businesses looking to trade in the UK have to ensure that they have taken all available steps to be prepared. 

The UK Government’s Border and Protocol Delivery Group issued a 206 page document on 13 July 2020 setting out the post-Transitional implications of “The Border with the European Union”.  

We have reviewed this and previous guidance from the government to prepare a summary document covering the following key areas: 

• Movement of goods 
• Import procedures 
• Export procedures 
• The Northern Ireland Protocol 
• The supply of services 
• Other VAT issues 

Our document can be accessed here. 

How Can AAB help? 

Whether the relationship with the EU is a Free Trade Agreement or a ‘No Deal’ Brexit; coming hard on the heels of the COVID-19 pandemic, UK businesses will have little time to react to the final agreement. 

However, as we outline in our document, there are steps that can be taken now and AAB’s indirect tax team are able to assist businesses to understand and address the challenges. 

If you require further information or support on your post 1 January 2021 customs and VAT obligations, please contact Alistair Duncan, Indirect Tax Director, or your usual AAB contact.