Brexit
Brexit update: new rules for trade after 2020
HMRC recently published some new information that may be relevant for a business who plans to import in the UK. From 1 January 2021, businesses without a UK establishment cannot hold a UK Duty Deferment Account (DDA). Non-UK businesses will no longer be able to access duty deferment in their own right but can instead use a UK established agent for deferring duties. Agents with CFSP authorisation can import goods for customers in a direct capacity for UK traders but for non-UK traders, they must act in an indirect capacity and be liable. Some new guidance has been published for businesses bringing or receiving goods into Great Britain (GB) or Northern Ireland (NI). VAT will continue to be accounted as it is currently on goods sold between GB and NI.