The EU-UK Withdrawal Agreement, including the Protocol on Northern Ireland, came into effect on 1st January 2021. In the intervening two months, many businesses have had their first experience of the potential pitfalls inherent in importing and exporting with a country outside the EU, which now includes Great Britain. They are finding that, contrary to the prevailing sentiment at the time, the Withdrawal Agreement reached on 8th December last did not result in the continuation of hassle-free trade with the UK. In addition to the much-publicised customs/border issues, some of the more common issues are:
- The application /non application of VAT to exports
- The imposition of VAT on imports
- Adhering to different rules for Business-to-Business (B2B) and Business-to-Consumer (B2C) exports
- Accounting and reporting for imports and exports
- Availing of postponed accounting for VAT
- The possible requirement to register for VAT in the UK
If you require assistance with the above or any other Brexit-related matter please contact us.