Despite the tariff-free deal agreed with the EU, up to £3.5bn of British exports have already had taxes applied and the US has introduced new tariffs worth $2bn on European goods, including products from the UK. British goods worth billions of pounds, accounting for about 10% of British exports to the EU, have faced tariffs …
Rules of origin determine where goods originate from and which are covered in preference agreements. It is not just where goods have been shipped or bought from, with the potential for multiple origins to consider and there can be severe financial penalties for getting it wrong. The origin is where goods have been produced or …
This stunning article from The Grocer highlights the massive impact that the post-Brexit free trade agreement has had on one of our most vital business sectors. Food exporters have spent a total of 58 years filling out export health certificates so far this year as a result of the new post-Brexit trade rules, the Chilled …
Despite the UK economy edging 0.4% higher in February, helped by a partial rebound in trade with the EU as exporters learnt to deal with new Brexit border restrictions, many more are having to dramatically change their business model, or have simply stopped exporting to the bloc. In the second month since the imposition of new EU/UK …
While the EU/UK vaccine spat has underlined the interconnectivity of supply chains, Boris Johnson is putting an invisible trade barrier between France and the UK and 25% of UK SMEs have stopped exporting to the EU altogether. European Commission President Ursula von der Leyen is under fire from the EU’s leaders, for the slow rollout of Europe’s vaccine …
Michael Gove informed parliament last week that the introduction of stricter EU import controls, in line with Phases 2 and 3 of the government’s Border Operating Model, are to be delayed by at least six months. The minister for the Cabinet Office insisted that the government had responded to businesses’ requests for more time in announcing what he called a “revised timetable”. …
The extension of import border controls is good news for some importers but may undermine negotiations with the EU for reciprocal easements and highlights the challenges still faced by exporters. Imports from the EU, which fell 28.8% in January, maybe buoyed by the government’s decision to postpone import controls, including food and animal product checks, while exports …
Postponed VAT Accounting (PVA) was devised ahead of Brexit, to avoid the negative cash flow impact of an additional VAT bill at the EU/UK border. Since 1st January 2021, businesses registered for VAT that import goods into the UK from anywhere in the world – and not just the EU – can use postponed VAT, …
There’s much more to the UK’s freeports than the ability to move goods tariff-free, with businesses potentially enjoying domestic tax breaks and cheaper employee costs, to encourage manufacturing, jobs and investment, in areas that would otherwise struggle to attract them. In his Budget last week, Chancellor of the Exchequer, Rishi Sunak said the freeport’s would …
Boris Johnson has set the country on a “cautious” road-map for restoring normal life and economic activity by June 21st, with government support for the economy for months to come. There are four main stages (see below) in the road-map for the lifting of coronavirus restrictions, running from the 8th March, through the 12th April (when shops …