The value of customs duties paid by UK businesses increased by 64% to £4.5 billion in the 12 months to 31st January, revealing the full impact of post-Brexit rules on trade for the first time.
One year on from the UK’s departure from the EU’s single market and customs union, British businesses are paying more import and export taxes than at any point in history and the last five months to January 2022 were the five highest individual months on record for customs duties.
Research by UHY Hacker Young found the total of £4.5 billion was up from £2.9 billion in the previous 12-month period.
Experts suggested the spike in recent months could have been accelerated by the earlier decision of some businesses to defer customs declarations due to the growing administrative burden placed on them by Brexit.
Source Innovate Tax
Latest Posts in "United Kingdom"
- FTT Rules Pre-registration VAT Claim Based on Post-registration Use for Aspire Community Services
- VAT: Cattle Bed and Breakfast Service Is Single Standard-Rated Supply, Appeal Dismissed
- HMRC Requires Online Registration for Tax Advisers’ Agent Services Account Starting May 2026
- FTT Upholds HMRC Refusal of Input VAT Recovery Without Invoices in Mochars Ltd Case
- Tribunal Rules EV Charging Points Qualify for Reduced 5% VAT Rate Under Domestic Use Provision
