What New Post-Brexit Trading Rules Mean for UK Businesses

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Posted by MoneyController on 05.02.2021

The Brexit transition period is over and with that, new regulations are in place regarding how you do business with Europe. Here we outline the key points you need to know and how they could affect your business.

Trading with the EU

Customs declarations are mandatory when exporting goods to the rest of Europe. You can fill out declarations yourself, or you may use an intermediary. If you export, you must check that the EU business is ready to receive your goods. New border controls are set to be introduced in stages until July 2021. This should hopefully allow enough time for businesses to adjust. Rules of Origin procedures are temporarily simplified until the end of this year as well.

Trading with Northern Ireland

Moving goods into Northern Ireland requires that you check their latest Protocol Guidance. The Trader Support Service will guide businesses through all the import/export modifications between North Ireland and Great Britain.

New tariffs

Countries outside of the EU have now new tariffs when trading with the UK. Be sure you check all the new trade agreements, as well as exceptions, as well as the Generalized Scheme of Preferences on the Government’s official website. There you will also find information on the new tariff-rate quotas, as well as tariff relief on goods due to the pandemic. You can even give feedback on the UK tariff policies.

Travelling to the UK

You may now be required to show a visa or work permit when traveling to the UK if you have clients or partners abroad. Again, the Government website has all the information regarding specific requirements needed to enter the country. The requirements depend on the region you’ll be coming from.

Recruiting outside the UK

Hiring employees from outside the UK means you’ll have to be a Home Office licensed sponsor, approved by the new UK immigration system. This does not apply to Irish or UE citizens that are already living in the UK. But controls are tightening, so be sure you stay up to date on all the required documentation.

Professional qualifications in the UK

Foreigners with a degree or diploma, who want to work in the UK, will likely need to have their personal qualifications officially recognized. You can get your qualifications recognized in the EEA or in Switzerland. The UK Government website offers more details about this process, too.

UK businesses owners should be aware of these important aspects when trading with foreign countries or dealing with foreign employees. It is also essential that you stay informed of all the new fees and regulations, so you can keep your business running like clockwork.