Outcome of EU trade negotiations

Despite many expectations to the contrary, the Prime Minister, Boris Johnson announced on Christmas Eve that the UK and EU had agreed an EU trade deal after four and a half years of strenuous negotiations. This is the first agreement the EU has ever reached allowing zero tariffs and zero quotas and went into effect at 11pm on 31 December 2020. This means there will be no tariffs or quotas on the movement of goods we produce between the UK and the EU and covers some £660 billion of trade.

The agreement also includes provisions to support trade in services (including financial services and legal services) and helps support the mobility of UK professionals. The UK and EU also finally settled other contentious issues including UK sovereignty over fishing waters and continued co-operation on law enforcement. The agreement also removes the role of the European Court of Justice and means there are no requirements for the UK to continue following EU law. This returns control of legal power to the UK with laws being made by Parliament and interpreted by the UK courts. The details of the 1,246 page agreement continue to be pored over by interested parties.

The government has committed to continue meeting high labour environment and climate standards and to develop a modern subsidy system to replace EU State Aid.

Source: HM Government Wed, 30 Dec 2020 00:00:00 +0100

Latest articles

Notifying cessation of self-employment

Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number of steps that must be followed if a taxpayer ceases trading as a sole trader or if they are ending or leaving a business

Submitting CIS nil monthly returns

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’ and should be

Check employment status for tax

The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector.

The service provides HMRC’s view if IR35 legislation

Class 1A payment deadline

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. There is no employee contribution payable. If you provided taxable benefits to staff or directors your business is likely to have a