Brexit - the deal is done

After protracted Brexit negotiations, the terms of an agreement were finally agreed upon between the UK and EU negotiating teams on Christmas eve, before being passed by MPs within UK Parliament on Wednesday 30 December 2020. 

Our Brexit Team is currently reviewing the finer detail of the Brexit trade agreement, but in the meantime the headline items to note are:

  • No tariffs or quotas will apply when trading between the UK and the EU
  • Some border controls will be put in place
  • No hard border with Ireland
  • A compromise was reached on the length of the transition period to move to new fishing rules

Steps businesses should take now

Although we now have a trade deal with the EU, there are still new procedures to follow from 1 January 2021, so we would advise all clients who import from or export to the EU, or businesses with globally mobile employees to review their processes and conduct final checks ahead of 1 January 2021. We’ve covered the key areas you need to review in our latest Brexit blog

Useful websites 

HMRC

HMRC continue to provide updates on their website, and you can keep up to date and refer to their handy Brexit checklist here: gov.uk/Brexit.

A summary of the Brexit trade agreement (34-pages) has been published by the UK Government and can be viewed on their website here.

European Commission

The European Commission (EC) has produced a number of helpful documents summarising key areas from the trade agreement:

EU Trade & Cooperation Agreement - this useful six-page document gives a concise overview of the key changes coming into force from 1 January 2021, a snapshot of what's been agreed and overview of how this applies to travel, businesses, different industries and movement of people between the UK and EU.

The key changes at a glance - this two page document, gives a useful two column view of the EU membership benefits for each of the key areas and what will change, or stay the same, under the Brexit trade deal agreement.

Key areas to consider

Our Brexit team has provided a comprehensive overview of actions that businesses and individuals should take. Click on the relevant button below to navigate to your area of interest. 

VAT & Indirect Taxes

Businesses

Employers

Food & Drink

Fishing

Agriculture

Financial Services

Individuals

 

If you've yet to start your Brexit planning

Establishing a view on the risks and opportunities Brexit poses to your organisation is a good way of kick-starting the process. To assist with this, we've created a Brexit planning tool. Download your copy of the planner by clicking on the button below.

Our dedicated Brexit team - here to help

At Johnston Carmichael we have a dedicated Brexit team who are on hand to help you with the scenario planning for your business, making sure you're prepared, whatever the outcome. Our multi-skilled team are uniquely placed to help businesses in the private, public and third sectors understand and address any Brexit queries as they arise.


Susie Walker

Partner and Head of Tax and Brexit Team

Susie Walker

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Nigel Roberts

VAT Director and Head of VAT & Duty

Nigel Roberts

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Stuart Thomson

Corporate Tax Director

Stuart Thomson

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Brian Rudkin

Director and Head of Employer Services

Brian Rudkin

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Jonathan Russell

International Tax Manager

Jonathan Russell

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Jane Mitchell

Business Advisory Director & Rural Specialist

Jane Mitchell

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Alex Martin

Business Advisory Director & Head of Fishing

Alex Martin

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Adam Hardie

Business Development Partner and Head of Food & Drink

Adam Hardie

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