UK Internal Market Scheme webinar
Under the new Windsor Framework, UK businesses trading goods in Northern Ireland have until 31st July 2023 to register with the UK Internal Market Scheme, otherwise duty will be payable from 30 September.
The Windsor Framework agreed between the UK and EU in February is meant to make trading with Northern Ireland businesses much easier. However, to do this, there are changes to how goods are treated at the border. The first phase is a new UK Internal Market Scheme (“UKIMS”) to allow the use of the proposed “green lane” from September 2024.
Whilst this is over a year away, goods moved to Northern Ireland will need to be declared under the UKIMS from 30 September 2023 otherwise duty will be charged on them. To ensure that businesses are ready, HMRC is asking for initial registrations to be done by 31 July 2023.
In this webinar our VAT and Indirect Tax Principal Ruth Corkin will address:
- The original Northern Ireland Protocol (in brief)
- The main changes under the Windsor Framework (in brief)
- How to apply for the UKIMS
- Duty Reimbursement scheme.
If you have any questions at all on the contents of this recording, please email Ruth Corkin at ruth.corkin@hhllp.co.uk.