At the end of December 2020 the UK enters a brave new world, it seems appropriate to see How Brexit affects your Business
We have lots of questions about Business and Brexit, some answers we know, some answers we don't. In this weeks podcast we share some answers, advice and tips.
Firstly, Brexit is a fusion of the words “British” and “exit”, referring to the U.K.'s decision to leave the European Union (EU).
The U.K. is now in a transition period to negotiate a new relationship with the EU. The UK has no say in EU policy, but will still need to abide by EU rules.
There will be new rules from January 1st. 2021.
This podcast is about How Brexit affects your Business.
Up until 11 pm on the 31st December 2020 we are still part of the EU. Though the European union has already removed us as member on their website
From the 1st January 2021 we will be known as a third country, all countries outside of the UK will be known as the Rest of the World.
The GDPR (General Data Protection Regulation)is about the rules relating to how we collect and process personal data. The Data Protection Act 2018 is the UKs implementation of GDPR. Listen to find out what happens from 1st January 2021 ? What steps can you take. Apart from our podcast, check out The ICO, Information Commissioner’s Office.
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EU settlement scheme
Your business may have EU/EEA/Swiss nationals living in the UK by 31 December 2020. What happens if you wish to keep them on?
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From the 1st January 2021 the UK will become a separate customs territory from the EU. This means that all imports, and exports of goods to and from the EU will become subject to customs procedures. This will refer to EU goods imported into the UK and UK goods exported to the EU.
Any “deal” will affect the duty rate on eligible goods. Your import and export declarations will still need to be made.
From 1 January 2021 customs controls will apply:
Should you do this yourself, or use a third party like a freight forwarder . What’s the business case, is DIY better than using an agency.
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For example, if you DIY you will need to get access to HMRC systems and invest in software.
After 31 December 2020, the UK will be a third country, any goods sent to Europe will be classified as exports, any goods coming in from Europe will be classified as imports. Prior to the 31 December 2020 those movement of goods would have been seen as EU would be intra-EU acquisition.
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