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"
- Supreme Court Decision Mandates Prudential to Pay VAT on £9.3 Million Success Fees
- UK Supreme Court Rules on VAT Grouping and Time of Supply in Prudential Case
- High Court Rules in Favor of Hotelbeds UK on Input Tax Recovery Without VAT Invoices
- HMRC Updates Notice 700/45: Correcting VAT Errors, Claims, and Penalties Guidance Revised
- HMRC Updates VAT Notice 700/45: New Guidelines for Correcting Errors and Claiming Refunds
