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We will continually update the recent news and developments here. There will also be links to separate blogs for important and popular topics like VAT, movement of goods, digital services etc. Lastly, you can find useful links to the government and HMRC website for immediate action.
Get further information from the following links;
PM Johnson to make personal intervention in negotiations
23 November 2020
PM Johnson is believed to make personal intervention ahead of the final deadline for the negotiations to conclude. He may speak to European Commission President Ursula von der Leyen this week to resolve outstanding issues.
No deal Brexit costlier than Covid
23 November 2020
Speaking to MPs on the Commons Treasury Committee, The Governor of the Bank of England Andrew Bailey has warned that the economic cost of a no-deal Brexit would be bigger than Covid in the long run.
UK & Canada’s Agreement in Principal
21 November 2020
Prime Minister Boris Johnson made an Agreement in Principal with his Canadian counterpart Justin Trudeau to continue trading under the current EU agreement after 31st December, when Brexit transition period ends.
The negotiators on both sides will continue to work on a comprehensive bespoke trade agreement between UK and Canada.
Brexit: Supply of digital services
20 November 2020
After the transition period of Brexit ends on 1st January 2021, most UK businesses will be required to use the Non-Union scheme to account for VAT on telecommunications, broadcasting and electronic (TBE) services to EU consumers.
If you do not have a business (or fixed) establishment in the EU, you will be required to register in an EU Member State of your choice, and will be allocated an EU VAT Number (in the format EUxxxyyyyyz). More info on this topic soon in our Blogs section.
UK and Canada to sign trade agreement
19 November 2020
The UK and Canada are on a brink to sign a trade agreement, which will replace the existing EU membership deal. Both countries would face tariffs from 1 January 2021 once the Brexit transition period ends, in absence of such a deal. The Number 10 spokesman said: “We’re committed to securing a continuity trade deal with Canada before the end of the transition period. Talks are at an advanced stage and are progressing well.”
The UK is Canada’s fifth biggest trading partner after the US, China, Mexico and japan. The UK has already signed its first free trade agreement with Japan last month, which was hailed as historic moment by International trade secretary Liz Truss.
UK to lose extradition powers after Brexit
19 November 2020
The UK is set to lose access to the European Arrest Warrant (EAW), along with other important European cross-border criminal cooperation measures such as the Schengen Information System, from 1 January 2021.
In the event of a no-deal exit, from 1 January 2021:
- The UK will be disconnected from all EU networks, information systems and databases;
- The UK will no longer be able to participate in EU criminal justice agencies like Europol and Eurojust, and will be treated as a third country; and
- Judicial cooperation procedures including the EAW scheme, will no longer be available to the UK.
Brexit set to hamper post-Covid economy recovery
18 November 2020
The impact of Brexit will single the UK out among advanced economies next year, as per chief economist at KPMG UK. The economy is not likely to recover to pre-pandemic levels for another two years due to Brexit, the firm warned.
Their analysis shows that Brexit could cost the UK economy as much as 2.9% of GDP and manufacturing sectors hardest hit by Brexit could see output at the end of 2021 between 6% and 12% lower than final quarter of 2019.
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