The next few years will see several significant changes to taxation, including, more immediately, the further expansion of Making Tax Digital (MTD) for VAT in April this year.
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UK Single Trade Window to save traders time and money in wake of Brexit
The Government is planning to build a central hub to “encompass everything traders do” to support businesses in the wake of Brexit.
Known as the Single Trade Window, the digital service will allow international traders to input all of their import and export data in one place.
Here’s what we know so far.
What is the Single Trade Window?
The Single Trade Window is a central digital service that allows traders to upload all of their data relating to imports and exports, instead of having to complete forms in multiple systems run by different border agencies, such as HM Revenue & Customs (HMRC), DEFRA, and the Home Office.
It comes after the introduction of full customs controls on 1 January 2022, significantly changing the way traders do business overseas. This includes the requirement to make full import customs declarations and pay tariffs at the point of import, as well as using the correct country code for the country of origin and the country of dispatch when completing a customs declaration.
According to recent research, more than half of businesses were not confident in trading with the European Union after full controls came into force.
What is the benefit of the Single Trade Window?
According to the Government, the UK Single Trade Window will reduce the cost of trade by streamlining trader interactions with border authorities. Some of the benefits include:
- Allowing the trader or intermediary to submit all border data needed in a standardised format. This would mean submitting only once to border authorities through a single portal.
- Putting the onus on government to facilitate data sharing amongst border authorities and agencies to then receive the information they need.
- Eliminating the need for the user to submit the same data to different border authorities or agencies, via multiple different portals.
Kevin Shakespeare, Director of Strategic Partnerships and International Development at the The Institute of Export & International Trade, said the Single Trade Window could also “reduce delays and supply chain costs” for businesses.
Focus on “simplification”
Commenting on the new service, Phillip Stansfield, a Deputy Director on the UK’s Single Trade Window programme, said: “At the heart of our ambitions is simplification.
“Our aim is to make the lives of Government departments and traders easier, giving you more time for what really matters which is running your business.”
Further reading
Click here to learn more about the UK Single Trade Window.
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