Preparing for a no-deal Brexit: Customs, excise and VAT
HM Revenue & Customs (HMRC) has published a guide to the customs, excise, VAT and regulatory changes you need to know about in the event of a no-deal Brexit.
If the UK exits the EU without a deal, UK businesses will have to apply customs, excise and VAT procedures to goods traded with the EU, in broadly the same way that already applies for goods traded outside of the EU.
HMRC said the UK intends to establish an independent trade remedies system by the time the UK exits the EU. There will also be implications for a range of specific goods regulated under EU legislation.
The guide covers:
- Customs and excise
- UK Trade Tariff
- VAT for businesses
- Trade remedies
- Trading goods regulated under the ‘New Approach’
- How processes will change
- What this means for manufacturers
Read the full guide here.