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The budget – Brexit news that could help businesses with cashflow from 1st January 2021

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Whilst the Coronavirus dominated the headlines in last week’s budget with the Chancellor outlining financial support available for businesses, you may have missed important Brexit news. 

 he Chancellor confirmed that postponed VAT accounting will be introduced after the end of the Brexit transition period. From 1st January 2021, the UK will leave the EU VAT regime meaning that imports from the EU would become subject to 20% UK import VAT. Postponed VAT accounting will provide important cash flow benefits to businesses by enabling importers to reclaim import VAT through their usual VAT return rather than be paid upfront. 

Brightfinch Ltd can help with Brexit related solutions and support to business involved in international trade. If you would like help with your future UK-EU trade planning, please contact or call 01270 440730/ 07501 445110.