Brexit: What’s Next

While the world is overwhelmed with the COVID-19 crisis, the Brexit plans are going ahead. Predictably, they will have a financial and legal impact on our business and everyday life.

AAT, a professional membership body, collected a list of “what accountants should know about life after the transition period” depending on two different scenarios:

• Should the government secure a free-trade agreement (FTA), the UK and the EU’s relationship will be based upon tariff-free trade.
• Or, if the UK and EU fail to reach an agreement, then the UK will leave without a deal, otherwise known as ‘no-deal’. This would see the country assume ‘third country’ status and begin trading with the bloc under World Trade Organisation (WTO) terms, with all British exports subject to EU tariffs and border checks.

AAT’s extensive article below covers some important topics such as VAT changes, customs processes, financial procedures, travel, etc. Read more below: