The UK and the EU finally agreed a post-Brexit trade deal on Christmas Eve
On 1 January 2021, the UK will leave the Single Market and Customs Union and freedom of movement will end, being replaced instead by the new “Trade and Cooperation Agreement”.
The EU called the deal a “fair and balanced agreement” while Prime Minister Johnson said it would mean Britain would “take back control”.
The Prime Minister described the deal as the “Canada-style” agreement he has previously advocated and claimed it would be worth an estimated £668 billion to the bloc and to the UK.
In the key area of trade, from 1 January, if your goods originate in the EU or UK, preferential rates of duty can apply on importation. This means they’ll be free of Customs Duty.
To benefit from preferential rates when importing into the UK from the EU (or importing into the EU from the UK), the importer will be required to declare they hold proof that the goods comply with the rules of origin.
The UK Government has issued guidance on claiming preferential rates of duty. This covers rules of origin, proof of origin and how to claim the preferential rate of duty. You can find this guidance on the UK Government website here.
And don’t forget that Government funding is still available (although it’s nearing full allocation) via the Customs Grant Scheme – established to help businesses prepare for the new customs arrangements.