Brexit: Goods – Imports Part 1 & 2
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Part 2 looks at import duty, import documentation and commodity codes. If a deal is agreed then the duty rates applicable to goods entering the UK from the EU (and vice versa) may change, HMRC have published duty rates which will be applicable from January 2021 and so businesses need to, at least, review the additional costs that may be involved in buying goods from the EU or selling to the EU. Import duty is not recoverable and becomes a cost component of the margins, so a business should look at what effect import duty will have on margins/profitability in the case there is a no deal outcome.
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Jason Croke – VAT Director
Email – Jason.Croke@rayneressex.com
Call – 0207 3882641