Post-Brexit outlook | UK-Singapore digital trade | New EU VAT regulations

Posted on 1/07/2021 by DHL Express

New research suggests SMEs are divided on post-Brexit outlook

Six months after the UK’s departure from the EU, SME exporters responding to our survey are presenting a mixed response around the impact that Brexit is having on their businesses. Whilst half (51%) will continue to prioritise exporting going forward, it’s clear that there are challenges, with a quarter (24%) of those who already export or plan to in the future stating they have stopped selling to some EU markets.

Our data suggests that many small and medium businesses would benefit from greater clarity on new regulations and additional export incentives, such as the SME Brexit Support Fund, so that they don’t miss out on important trading opportunities. Around a third of respondents believe a greater number of international trade deals and increasing the low value de minimis threshold under which no VAT or Duty is collected will enable their businesses to export more in the future.

Ian Wilson, Chief Executive at DHL Express UK&I, said: “It is encouraging that so many businesses continue to see a role for exporting in their future but it’s clear more needs to be done to manage the new trading environment we’re in. Whether it’s communicating clearly to consumers and suppliers, or refocussing on different markets, to thrive in a post-Brexit and post-Covid world, businesses must look at how to evolve their operations.”

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UK and Singapore start negotiations on digital trade agreement

International Trade Secretary Liz Truss and her Singaporean counterpart, Mr S. Iswaran, have begun negotiations on a Digital Economy Agreement (DEA) between the two countries. The agreement will be the first of its kind from a European country.

Digital exports to Singapore were worth £3.2 billion in 2019, and any agreement would look to provide new digital market opportunities for UK exporters, whilst ensuring the secure transfer of data and the protection of consumer rights and businesses’ intellectual property.

Liz Truss said: “A cutting-edge deal with Singapore will keep us at the forefront of the technological revolution, ensuring we lead the way in digitally delivered trade and industries like fintech and cybersecurity.”

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Important VAT changes come into effect in the EU

As of today, the previous threshold for VAT exemption has now been removed. All commercial goods imported into the EU will now be subject to VAT and will require a formal customs declaration.

We’ve compiled a range of helpful videos, webinar recordings and other downloadable content on our DHL Guide that provide essential information regarding the changes that are now in effect.

Click below to find out everything you need to know to ensure that your shipments comply with the new regulations.

Find out more



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