As we know, the UK and the EU have finally agreed on the terms of a post-Brexit free trade agreement and following the vote in the House of Commons, it will enter into force from 1 January 2021.
This long-awaited deal provides all the necessary provisions to clarify the future trade relationship between the UK and EU.
Vincenzo Senatore, a partner commented, "whilst we are confident that this is a huge relief for all of us, the scale and complexity of the changes that companies still face in the coming weeks and months will be challenging to manage"
From 1 January, in fact, certain customs procedures will apply to EU-UK trade relations and, although the free trade agreement does not provide for the application of customs duties and 'quotas', businesses will have to be prepared for new customs enforcement applications. This may mean clarifying responsibilities with its customers and suppliers, finding appropriate support for customs and VAT relationship management and making sure they are ready to interact with UK and EU customs and VAT authorities where necessary.
The final text of the agreement has just been published. During the coming weeks, we will provide further details about the agreement so that entrepreneurs and our clients will be aware of the new provisions and offer guidance for avoiding any possible liability.
For more information about the UK and EU Trade Cooperation Agreement please click here
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