skip to navigationskip to main content

BREXIT NEWS

Last week we saw former Brexit negotiator, Lord Frost, join the cabinet to take charge of forging a new relationship with the EU. The appointment indicates that negotiations between the UK and the EU will be ongoing for many years ahead. Lord Frost recently commentated on post Brexit matters: “I think it has been more than bumpy in the last six weeks, I think it has been problematic”.

There are many unresolved issues, notably the UK financial services sector not having any access to EU customers without local authorisation from individual EU countries.

The Financial Conduct Authority has updated its guidance for firms after the transition period and how the end of access to EU markets affects financial services firms.

See: https://www.fca.org.uk/firms/considerations-firms-after-transition-period

The fact that Northern Ireland remains in the single market continues to bring up new issues daily. For example, Northern Ireland plant and tree buyers are cancelling orders because of the additional checks and administration on the movement of these goods from Great Britain.   

The Northern Ireland protocol (NIP) discussions are ongoing, and all sides have reiterated their full commitment to the NIP. The UK government has asked the EU for a long extension of “grace periods” where not all aspects of the protocol, relating to checks on goods, have been implemented. We will keep you updated if anything results from these talks.

Another issue that has remained difficult is fishing. This is because after the EU banned shellfish imports from the UK, and since France clashed with the Jersey government over access to waters. The UK government has said it is considering their options regarding this issue.

The uncertainty that surrounds taxation and social security contributions for touring artists in Europe, and the administrative burden of applying for and the granting of visas, means artists and musicians are not committing to touring the continent at this present time.

The performers’ equity union has sent an open letter to the government about their concerns and last week the government said it hopes to open negotiations with individual EU countries to help British artists tour.

As always, we will keep you up to date on any new announcements and please don’t hesitate to call us about any Brexit related matters. We are here to help and support your business.

Subscribe to our newsletter

Our monthly newsletter contains a round up of the latest tax news and updates of what's happening at Broadbent Accountants and Business Advisors

As a subscriber you will automatically receive our newsletter direct to your inbox

Please read our Privacy Policy before signing up