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HMRC has written to VAT-registered businesses trading with the EU, or the EU and the rest of the world, highlighting actions they need to take before the end of the transition period after the UK leaves the EU.
Measures include obtaining a UK economic operator registration and identification (EORI) number and customs facilitation.
The letter states that registration for and use of transitional simplified procedures (TSP) for imports from the EU is currently suspended, adding that traders will not need to use TSP between February and December 2020. In addition, postponed VAT accounting is not available during this period.
Further, there will be no changes to the terms of trade with the EU or the rest of the world during the transition period. Businesses can keep up to date with these changes by registering for HMRC’s email updates.
