The UK officially leaves the EU on 31 January 2020, but will the world end on 1 February? No. There is no change in the trading relationship between the UK and the EU until the end of the transition period, currently set at 31 December 2020.
During the transition period, VAT will continue to be charged at UK rates on orders from EU customers and mercifully there will be no faffing about with customs documentation until near the end of this period. Again, Fighting 15s expects to have to close for a few days around the end of the year to make the necessary tax adjustments in the shop. But it’ll be the Christmas holidays anyway, not some stupid date near the end of the tax year during peak sales season.
Looking ahead, at some point Fighting 15s envisages that all value declarations for tax on exports will be managed electronically by the sender, as it is for items sent by courier to places such as the USA. This may put an end to the excessive handling fee charged by various countries’ postal services which, as Fighting 15s has argued before, is the most damaging aspect to trade with the EU post-Brexit from the point of view of a small business because this charge will put customers off from ordering. No one wants to pay VAT plus a 10 euro handling fee on just 16 euros worth of figures. Fighting 15s will, therefore, investigate other delivery options for EU customers once the picture of what is happening becomes clearer.
Fighting 15s may, in the due course of time, consider engaging an EU agent.
Fighting 15s and Gladiator Miniatures