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HMRC has written to VAT-registered traders highlighting actions they need to take to continue trading with the EU from 1 January 2021.
Under the border operating model new customs and tax rules will come into effect at the end of the transition period irrespective of whether a free trade agreement is negotiated. The key actions businesses must now take to continue trading with Europe from 1 January 2021 are:
- Appoint a specialist to deal with import and export declarations.
- Check to see if they will be able to delay their declarations or duty payments. The letter highlights that the transitional simplified procedures which were established in anticipation of no deal in 2019 are no longer available so traders will need to use the simplified declaration procedure instead.
- Register for the free-to-use trader support service if they plan on moving goods into Northern...
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