The end of the transition period brings changes to the procedures for importing goods into the UK from the EU, regardless of any trade deals or no deal.
HMRC has begun writing to all VAT registered businesses currently trading with the EU, to explain the steps they need to take to prepare for the new trade arrangements from 1 January 2021.
The Prime Minister promised a Budget within 100 days of the election result, so we can expect a Budget in February or March with any changes to taxes, benefits and allowances potentially taking effect in April.
The Institute of Chartered Accountants in England and Wales offers resource hub to help businesses prepare for Brexit, deal or No-Deal
Importing from and exporting to the EU after a no deal Brexit