Brexit: Understanding Your Risks, Opportunities And Legal Responsibilities

17th January 2020

How much will Brexit affect your profitability?

As the country approaches the ‘deadline’ date of Friday 31st January and following the results of the general election, we now know for certain that the UK will leave the EU. From the 1st February, we will be an independent, non-EU state, a third country in international trade terms.

Due however, to the exit agreement between the UK parliament and the EU decision makers and also assuming the 2nd hearing with the House of Lords is passed followed by the Royal assent, we will enter a 11 month ‘transition period’ which will end on 31st December 2020.

As far as customs procedures are concerned, we feel it would be prudent to expect some procedures to be implemented within a few months after 31st January and though we do not know for sure, certain requirements such as certificates of origin and even customs declaration may be required.

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