UK Brexit fitness industry
As many of you know the UK has officially left the EU and new trade laws will come into place from January 2021
Important Information Below
Q – What is the deadline?A – The hard deadline is 01/01/2021. There is still much debate on whether the UK will sign a deal with the EU before the deadline of January 2021. However, if an agreement has not been signed then the WTO (World Trade Organisation) rules will apply. https://www.wto.org
Q – Will VAT apply on goods being exported out of the UK?
A – Currently there is no VAT on any goods being exported from the UK to EU Countries and the most likely scenario is that this will continue. However, WTO rules mean that there is no VAT. This means that you can continue to buy your goods from WebuyGymEquipment zero rated for VAT. Below is a useful link https://www.gov.uk/guidance/vat-on-goods-exported-from-the-uk-notice-703
Q – Will there be import duty?A – Currently there are no import duties on goods being moved from the UK. From the 1st January 2021, there will be a small duty of 2.7% added to fitness equipment. Please take this into account on your overall costs. All import duties are paid locally by you through your customs agent.
Q – What paperwork do I need in order to import goods from the UK?
A – You should contact your local customs agent to find out exactly what your business needs. This might include an invoice, a commercial invoice, packing lists, CRM, or other import documentation.
Important things you will need:
- EU EORI number
- Commodity code/ HS code for fitness equipment
You should discuss all of the above with your customs agent.