ICAEW.com works better with JavaScript enabled.

EU and international trade

The UK left the EU on 31 December 2020 with new rules applying from 1 January 2021 on trading with the EU.
Contents
Back to top

ICAEW's Brexit hub has been archived and this new page brings together updates, guides, and other resources that are still relevant. For more information on how to access the archived hub, see the section on Archived pages.

Join the ICAEW Global Trade Community

For like-minded professionals, with a common interest in exporting goods and services, to share insight, technical expertise, and issues and challenges. Membership is free and open to everyone, including non-ICAEW members.
Join Global Trade Community
Global Trade polaroid

ICAEW insights and news

New requirements for EU-GB imports from 31 January
  • Article
  • 17 Jan 2025
ICAEW is reminding businesses that, from 31 January 2025, all goods imported from the European Union (EU) to Great Britain (GB) must be covered by a safety and security declaration.
The EU perspective on VAT – make the most of Brexit
  • Article
  • 04 Dec 2024
Donato Raponi, former Head of the VAT Unit at the European Commission, says many VAT systems are too complicated and, having exited the EU, the UK is now in a good position to make significant changes.
Why the UK must reform VAT
  • Article
  • 04 Dec 2024
This vital revenue stream is burdened by complexity, undermined by exemptions, and dogged by a lack of digitalisation. Post-Brexit, there is both an opportunity and an imperative for core reform.
E-invoicing to be mandatory for EU VAT by 2030
  • Article
  • 07 Nov 2024
Agreement has been reached on a package of digital measures for VAT in the European Union (EU), including the introduction of a real-time digital reporting system through electronic invoicing (e-invoicing).
How to adopt a pragmatic approach to CSRD
  • Article
  • 16 Aug 2024
The European Commission has urged companies to take a proportionate and common-sense approach to the implementation of the Corporate Sustainability Reporting Directive. Find out how this can be achieved.
Complexity, with no clear guidance: the state of UK trade
  • Article
  • 23 Jul 2024
Underinvestment in UK government trade departments, the ongoing negative impacts of the contentious Brexit deal and geopolitical conflicts are causing major headaches for UK exporters and importers.

ICAEW helpsheets and guides

Exclusive Exemptions from consolidating and when a subsidiary can be excluded from consolidation under FRS 102
  • Helpsheets and support
  • 21 Jan 2025
This technical helpsheet and flowchart explains when a subsidiary can be excluded from consolidation under FRS 102. Key points include exemptions from consolidation, Brexit-related changes, and accounting for excluded subsidiaries due to immateriality, severe restrictions, or resale intentions.
Exclusive The UK Financial Reporting Regime
  • Helpsheets and support
  • 08 Jan 2025
  • PDF (441kb)
This factsheet provides an overview of the UK accounting framework, which accounting standards are applicable, and the options that are available to different types of entity. Updated January 2025.
HMRC Freeports Induction Pack
  • Helpsheets and support
  • 21 Apr 2022
  • PDF (178kb)
This pack contains information for potential Freeport customs site operators, including the benefits of operating a business in a Freeport customs site, how to apply for the relevant authorisations and the benefits available in a Freeports tax site.
Brexit: Implications of changes to company law on corporate reporting
  • Helpsheets and support
  • 14 Jun 2021
The end of the transition period brought into effect changes in company law that have an impact on the preparation of the annual report and accounts. This guide outlines some of the practical implications.
Exclusive TAXguide 09/21: Brexit – The corporate tax implications
  • Technical release
  • 15 Apr 2021
This TAXguide analyses the corporate tax impact of Brexit on the typical cycle of outbound and inbound business operations within the UK and the EU as from 1 January 2021. It analyses them from the viewpoint of both the UK and the member states of the EU.
Post-Brexit recognition of professional qualifications
  • Helpsheets and support
  • 09 Mar 2021
ICAEW is committed to helping members seeking professional recognition for the pursuit of regulated activities, such as statutory audit, in the European Economic Area (EEA) under the post-Brexit arrangements.
UK endorsement of IFRS
  • Helpsheets and support
  • 22 Jan 2021
UK preparers can only apply new and amended IFRSs once they have been UK-endorsed.
Exclusive TAXguide 20/20 New VAT ecommerce rules in EU from 1 July 2021 – how will they affect UK businesses?
  • Technical release
  • 23 Dec 2020
Major VAT changes are being introduced by the EU on 1 July 2021, just six months after the end of the UK’s transitional deal. Neil Warren provides guidance on the key changes that will take place.

ICAEW reports

Analysing the EU exit charge – a policy insight update
  • Report
  • 22 Jun 2018
  • PDF (431kb)
Our original policy insight ‘Analysing the EU Exit Charge' examined the net amount the UK could be required to pay on exiting the EU; we have now updated our analysis for the outcome of the negotiations, comparing our high scenario of £30bn with HM Treasury’s estimate of £37bn for the net financial settlement as reviewed by the National Audit Office.
How much will the UK pay to exit the EU?
  • Article
  • 16 May 2017
  • PDF (1,566kb)
An ICAEW briefing paper on the potential UK exit charges when leaving the EU.
ICAEW submission to the House of Lords EU Internal Market Sub-Committee inquiry
  • Article
  • 24 Oct 2016
  • PDF (242kb)
ICAEW representation

Archived pages

You can access the archived version of ICAEW's Brexit hub via our Digital Archive. The archive provides snapshots of the hub's web pages between March 2021 and February 2024.