Regardless of the agreement on tariff free trade between the UK an EU there will undoubtedly be additional documentation when importing and exporting goods from 1st January 2021.
We want to ensure our clients are planning where possible and considering additional business matters such as data protection and intellectual property.
We have listed below some areas for your consideration and links to helpful Government information and resources to help you best prepare during the final month, ahead of 1st January 2021.
Here are some of the areas you should consider, particularly if you import or export goods to the EU, and have not had the need to complete the various forms before:
Moving goods to and from EU – Link for an EORI
https://www.gov.uk/eori
Import and export forms
export.org.uk
Step by step guide if you export goods
https://www.gov.uk/prepare-to-export-from-great-britain-from-january-2021
Sector specific transition rules
https://www.gov.uk/transition
The VAT reporting rules for EU sales
https://www.gov.uk/guidance/vat-how-to-report-your-eu-sales
Importing goods guidance
https://www.gov.uk/starting-to-import/moving-goods-from-eu-countries
Step by step guide on importing
https://www.gov.uk/prepare-to-import-to-great-britain-from-january-2021
Information of paying VAT on imports
https://www.gov.uk/guidance/vat-imports-acquisitions-and-purchases-from-abroad
HMRC YouTube videos on international trade
https://www.gov.uk/guidance/help-and-support-for-international-trade
Register for Authorised Economic Operator (AEO) status to allow simplified customs procedures. Application does take time and is complex
https://www.gov.uk/guidance/authorised-economic-operator-certification
In the event of the EU and UK not agreeing a free trade agreement, from 1st January 2021 all exports and imports to the EU will be subject to tariffs.
You will need to identify where “inputs” come from and which categories of product they fall into so you can work out the tariffs that will apply.
The UK Government have published trade tariffs duty and VAT rates by commodity on this site https://www.gov.uk/trade-tariff
If you currently have business agreements with EU companies these may need to be redrafted to cover off areas such as customs arrangements, import duties, definitions such as ‘territory’, dispute resolution and unanticipated administration as a result of Brexit.
Consult your lawyer for advice to avoid any potential issues sooner rather than later.
You should review all EU employees currently working in your business and ascertain whether they are applying for “Settled status” by 31 December 2020.
Your UK employees working in the EU may need to apply for similar status.
https://www.gov.uk/government/publications/eu-settlement-scheme-employer-toolkit
If you are involved in eCommerce the Government has written EU guidance
https://www.gov.uk/government/publications/ecommerce-eu-exit-guidance
Data Protection guidance will be updated once agreements have been made and will be published here:
https://ico.org.uk/for-organisations/data-protection-at-the-end-of-the-transition-period/
Copyrights – A substantial part of UK copyright law is derived from the EU copyright framework. This is an area you will need to discuss with your lawyer.
https://www.gov.uk/guidance/changes-to-copyright-law-after-the-transition-period
For Intellectual Property
https://www.gov.uk/government/news/intellectual-property-and-the-transition-period
For Trademarks
https://www.gov.uk/guidance/eu-trademark-protection-and-comparable-uk-trademarks
Finally, there are options available to form a company within the EU.
Talk to us about how we can help you if this is something you are considering.