New year brings new Brexit rules into force
To all intents and purposes, the UK left the EU on 31 December 2020. However, some changes to rules were delayed to ease the transition. From 1 January 2022 there are additional customs rules to be aware of for businesses trading with the bloc. What's changed?
Following the UK’s exit from the EU, there have been wholesale changes to the way imports and exports of goods are handled. The agreement struck in December 2020 means that there are no tariffs applied, but import tax has been applicable since January 2021. Certain processes, mainly regarding paperwork, were not initially required in order to allow affected businesses time to get used to the new relationship with their customers. These have now taken effect:
- full customs import declarations are needed for all goods at the time a business or the courier/freight forwarder brings them into Great Britain
- customs controls at all ports and other border locations
- the possible need for a suppliers’ declaration proving the origin of your goods (either UK or EU) if using the zero tariffs agreed in the UK’s trade deal with the EU
- commodity codes, which are used to classify goods for customs declarations, are changing.
Further information is available from HMRC.
Related Topics
-
HMRC publishes penalty guidance for MTD IT
HMRC has published guidance on how penalties will apply under Making Tax Digital for Income Tax (MTD IT). With mandation approaching from April 2026, what do you need to know about the new regime?
-
Company car calculator
Want to know the amount of the benefit you will be taxed on by taking a company car? Easily work that out with our tool, you can even see what difference making a contribution to the cost of the car will have.
-
Pension relief calculator
Sometimes the tax relief you get on a pension is easy to work out, and sometimes it isn’t. Let our calculator do it for you and show the effect on your pension fund.