The UK has left the EU
Businesses need to assess their own exposure and any potential impact of Britain’s departure from the European Union. Negotiations on the future trading relationship will take place during 2020, and the transition period ends on 31 December 2020. However, the UK could still leave without a trade agreement (in parts or in full) at the end of the transition period. The uncertainty means businesses should undertake relevant scenario planning.
No trade deal would affect matters such as:
- Customs/duty (if applicable) being paid on goods when importing
- Different VAT procedures application to a third-country/non-EU country
- Businesses may change from distributor to importer
For information on specific challenges and information for your respective sector or industry, you may find specific trade bodies a useful resource, as many of them provide Brexit guidance and advice tailored to your business’ specific needs.
Do contact the Chamber if we can help guide you in the right direction, we are very happy to help.