For many online retailers, the UK is one of the most important and largest foreign markets.
Since 1 February 2020, GB is no longer a member of the European Union.
At the beginning of the year, we explained why you or your clients have not really noticed much of this so far.
Transitional period until 31.12.2020
Great Britain and the European Union have agreed on a withdrawal agreement, which includes a so-called Transition period defined.
After that, Great Britain will continue to apply the law of the European Union until 31.12.2020.
So nothing will change for online retailers selling their products to the UK until then.
Transitional period is not extended
On 15 June, Great Britain and the European Union now announced the following information.
Great Britain will not ask for an extension of the transitional period beyond 31.12.2020.
What does this mean for online trade?
From the point of view of turnover tax and customs law, Great Britain will therefore also become a third country from 01.01.2021 - with (probably) all the consequences.
In the context of the upcoming talks between Great Britain and the European Union, which are to be resumed in July, one or two simplifications may still emerge.
We'll keep you posted on this!
What does this mean for Taxdoo customers?
Users of the Taxdoo compliance platform can be sure that their compliance processes for online trade in and to Great Britain will also comply with the current legal situation from 01.01.2021.
The compliance platform for the digital economy
... and forms for the leading online retailers in Europe besides the handling of the current Value Added Tax-Compliance, Intrastat and financial accounting (Taxdoo is a partner of DATEV) also offers numerous other compliance services via a unique platform.
If you want to know more about how you Value Added Taxcan efficiently and securely map compliance, financial accounting and much more via a platform, then book your individual and free initial consultation with the compliance experts from Taxdoo!
You are also welcome to register for our regular demo webinar in which we will introduce Taxdoo and our compliance services and answer your questions personally.
P.S.: Taxdoo has been an official partner of DATEV in online trading since the beginning of 2020.