End of tax-free shopping: what is the impact on tourism?
Following Brexit, the UK removed tax-free shopping for tourists which is now having an impact on Britain’s prospects as an international shopping destination, new research reveals.
Do I need to rethink my IR35 strategy while there is a shortage of lorry drivers?
Due to Brexit, driver retirement and the enforced IR35 reform, there is now a shortage of Heavy Goods Vehicle (HGV) drivers in the UK – around 100,000, according to some estimates.
Therefore, businesses must reconsider their risk-averse strategies for managing any tax changes related to employment.
IR35 specialists have revealed that re-evaluating approaches to status determination may be vital for businesses to be able to attract flexible employees.
What is IR35?
Staff shortages leave food manufacturers looking for inmates to cover work
Food manufacturers in desperate need of workers are pleading for the UK Government to enable the companies to use prisoners to solve the staff shortage disaster – a fault of Brexit and COVID-19.
Labour shortages could impact UK’s economic recovery, says experts
A recent report on the latest business trends suggests that despite the surge of hiring among UK firms in July, the lack of working employees could still threaten the UK’s economic recovery.
Brexit issues continue to impact British exporters, new figures reveal
Export sales to EU customers have fallen by “record” levels in the wake of the coronavirus pandemic, a major study has revealed.
But the report, published by the British Chambers of Commerce (BCC), suggest that export sales as a whole are rising as the nation edges towards recovery.
The figures – based on the responses of 2,800 businesses – are among the first to highlight the challenges British exporters are facing six months after the UK officially cut ties with the European Union.
Businesses told to prepare for “full customs control”
Businesses should use the next six months to prepare for “full customs control”, the Government has warned.
UK to roll out independent tariff suspension scheme
Tariffs on some imported goods will be partially or wholly suspended to help UK firms become “more globally competitive”, it has been revealed.
The new scheme, announced this week by the Department for International Trade (DIT), will allow companies to ask for duties to be withdrawn for a set period – effectively lowering overall production costs.
As the UK is no longer a part of the EU, the Government said it now has the power to establish an independent tariff regime and the authority to decide how duties should be applied.
Tariffs could be suspended under previous trading arrangements, but only if agreed upon by all 27 EU Member States.
The guidance confirms that once a suspension has been introduced, all UK importers will be able to benefit from the reduced rate.
The duty suspensions will apply to unlimited quantities of a wide range of goods imported to the UK, but not chargeable duties such as VAT or the anti-dumping duty.
As part of the launch of this scheme, the Government also confirmed that existing duty suspensions rolled over from the EU will be extended beyond 31 December 2021 to “ensure business certainty”.
Commenting on the report, Greg Hands, Minister for Trade Policy, said: “Now we have left the EU we can use suspensions to give UK firms the maximum possible benefit.
“This suspensions scheme will be accessible to importers across the country, and those that are granted will benefit entire sectors.
“They will lower costs and help our superb producers pack even more of a punch when they compete on the global stage.”
For help and advice on related matters, please get in touch with our expert team today.
HMRC publish new guidance on delayed customs import declarations
New Government advice will help traders submit customs import declarations for non-controlled goods imported from the EU, it has been announced.
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