This is a thought leadership article by United Kingdom member firm Buzzacott, discussing the impact of Brexit on VAT and Customs.
After lengthly discussions between the United Kingdom and the European Union, the two finally agreed on a trade deal regarding the trading relationship between the two entities. The Trade and Cooperation Agreement (TCA), which sets out the changes to UK/EU trade due to Brexit, came into effect from January 1st, 2021. These changes are significant and are the biggest changes to VAT and customs procedures since the UK joined the Single Market in 1992. This new trade deal affects all businesses that sell goods between the two regions and also includes upcoming changes in EU VAT which will affect businesses involved in the supply of digital services and distance sales of goods to EU consumers. Buzzacott has created a guide that encompasses all the aspects of the TCA that need to be considered by businesses going forward.
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