for my electronic payment transactions?
From January 1, 2021, the UK will no longer be part of the Single Market and the Customs Union. What does this mean for my company? As a specialist in dealing with foreign currencies and international tax rates, nexnet is also well prepared for Brexit.
Following the referendum on leaving the EU in June 2016, uncertainty prevails. Uncertainty about the consequences of an unregulated Brexit for the economy in general and online retail in particular. The UK has no longer been an official member of the EU since January 31, 2020. The transition phase, during which relations between the UK and the EU are to be renegotiated, will run until the end of 2020. No agreement has yet been reached. What is certain is that from January 1, 2021, the UK will no longer be part of the single market and the customs union. But what does this mean for me?
The United Kingdom is Europe's largest market for online retail: 93% of all Britons store online. And after China, the UK is the second most popular destination for European online retailers. From January, the UK will face EU tariffs and other restrictions and regulations. It is expected that online trade between the UK and the EU will fall by around 70%. The reason for this is an increase in costs of around 15 %. This is due to the fact that shipments to and from the UK will be subject to customs duties and a customs declaration will be required for import and export.
All payment service providers have been able to prepare for Brexit over the last 4 years. Many have opened a branch within the EU to ensure smooth payment transactions. As a specialist in dealing with foreign currencies and international tax rates, nexnet is also well prepared for Brexit. For nexnet customers, the motto from January 2021 will therefore be: sit back and drink tea.
Source: sendcloud.com
