Small Business Accounting

How will Brexit affect imports, exports, and shipping?

By

Chris Andreou

Contents

Brexit has created a significant impact on imports, exports and shipping:

  • Ecommerce businesses will be affected by post-Brexit VAT changes, which includes the abolition of the distance selling threshold and Low Value Consignment Relief (LVCR), the introduction of the postponed VAT accounting system and more.
  • Businesses will have to abide by the new import and export rules, which may mean dealing with additional paperwork and customs checks.
  • The above mentioned changes will further impact other aspects of your business, such as your supply chain, fulfillment process and pricing. Additional checks may create shipping delays, while the new VAT changes will lead to a rise in costs.

<p>Brexit has created a significant impact on imports, exports and shipping:</p><ul><li><a href="https://www.goforma.com/business-resources/vat-guide-ecommerce-businesses" target="_blank">Ecommerce businesses will be affected by post-Brexit VAT changes</a>, which includes the abolition of the distance selling threshold and Low Value Consignment Relief (LVCR), the introduction of the postponed VAT accounting system and more. </li><li>Businesses will have to abide by the new import and export rules, which may mean dealing with additional paperwork and customs checks. </li><li>The above mentioned changes will further impact other aspects of your business, such as your supply chain, fulfillment process and pricing. Additional checks may create shipping delays, while the new VAT changes will lead to a rise in costs.</li></ul>

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