Finance and its rules for those who continue to do business with the UK | Small and medium-sized companies

January 1, 2021 The Brexit transition period is over. This means that the UK’s de facto withdrawal from the European Union has already taken effect. So how should import and export operations go from now on? How is Northern Ireland? What is the relationship of Spanish companies to customs activity or is it? Next, we will solve all these doubts.

First of all, it is important to clarify the situation in Northern Ireland. Although it is part of the customs territory of the United Kingdom, customs regulations for value-added tax and excise taxes in the European Union will continue to apply. This is Merchandise exchanges between Spain and Northern Ireland are still considered within the community The current procedures and processes remain unchanged.

The companies having an operator are established in the UK

As I mentioned by the tax authority, from now on, you must comply with customs procedures. The United Kingdom became a third country. This means that from now on, goods sent or received will be treated the same way as goods imported or exported from other countries in the European Union (EU) without trade agreements.

If your company is incorporated in the UK, but you have customs business with companies in Spain, you have it The licenses and the EORI number are no longer valid. Now to be able to operate, you will need to apply for EORI registration and other related licenses associated with the EORI number. To submit these declarations, it is possible to resort to a customs representative to submit them, but you must first register with the tax authority.

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Companies that want to do business with the UK after Brexit

At the end of the transition period, if a Spanish company wants to do business with others in the UK, it must take into account a series of conditions and procedures that must be implemented.

  • Both consignments and receipts of goods with the UK are subject to export and import procedures. In other words, it is necessary to submit a customs declaration, and also pass control. The declarations are electronic, but it is imperative that you have the necessary software to be able to make them or, if not, to send them to a customs representative.
  • It is also the responsibility of each company to analyze the goods in which it operates in this sense, and the company must classify them according to its tariffs and other necessary taxes, licenses or licenses.
  • he is VAT is exempt from exports, But the imports must be cleared at customs. To generate income, you can choose to defer it on the corresponding statement. At approximately this it is necessary to pre-register for REDEME (Monthly VAT Refund System) and to practice the month prior to November.
  • It is also important to consider excise duties, in case the goods being traded are subject to it. We are talking about Hydrocarbons, alcohol and tobacco Shipments from non-community third territories are considered, and therefore the corresponding tax treatment applies.
  • In case In marketing perishable products, the company must comply with the regulations required by the European Union On commercial, hygienic and botanical quality matters (posters, documents, etc.). For goods of industrial products, the requirements for marking, security and other regulations specified in this sector must be met.
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All evidence and representations necessary to be submitted are published electronically on the IRS website.

Free Trade Agreement

The European Union and the United Kingdom signed a free trade agreement. Regarding this document, the question that arises is whether some customs procedures have been abolished in the cargo shipments between the two regions. The answer is yes Tariffs are canceled In addition to the shares of those goods that comply with the established rules of origin, but not all formalities. Once the transition period ends, trade between the UK and the rest of the European Union is subject to controls, entry and exit declarations, temporary storage, arrival notifications, etc.

he is The FTA includes bilateral and aggregate accumulation. In other words, goods that come from the United Kingdom, as well as the processes that have been developed there, are considered to be EU materials and processes as long as they are incorporated into a product obtained in the European Union. And the opposite happens in the same way. Of course, this accumulation is only applicable when production exceeds the processes called insufficient

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