Resources

New UK Internal Market Scheme launches

Blog
New UK Internal Market Scheme launches

A new UK Internal Market Scheme (UKIMS) has been launched to replace the old UK Trader Scheme, which will enable any registered traders to move ‘not at risk’ of entering the EU goods into Northern Ireland. The legislation, which came into force on September 30, is needed following the UK’s exit from the European Union.

The good news is that from October 2024, these ‘not at risk’ items will also be free to move without any unnecessary paperwork, checks or duties, only the existing commercial information will be needed from then onwards.

What are the changes and what do they mean?

There are three main changes under the UKIMS rules compared with the old scheme. The first is that all companies established in the UK will be able to use the scheme, instead of only those companies with a physical premises in Northern Ireland.

The second is that the turnover threshold below which companies involved in processing can move goods has risen from £500,000 up to £2m, making the scheme more widely available. The third is that even if a business is above this £2m threshold, they will still be eligible to move goods under the scheme if they are for use in healthcare, construction, animal feed or not-for-profit sectors.

All traders operating under the old scheme should have received information on how to become authorised for the new scheme. There are some additional pieces of information that need to be supplied for HMRC to complete the enrolment of these traders into the new scheme. You can get more information and guidance on what these are by clicking here.

To book in a FREE consultation, contact us today on 0161 669 4221 or info@biaccountancy.com.

You may also be interested in…

Stay up to date on what’s new at Bright Ideas.

    Step 1 of 3

    Thanks for choosing Bright Ideas!

    Let’s get started with a few details…

    (*) Required field
    The field is required
    The field is required
    Email address is invalid
    The field is required
    By submitting you agree to our Privacy Policy

    How can we help?

    I need accounting support for…

    (*) Required field
    The field is required
    The field is required
    The field is required
    The field is required
    The field is required
    £The field is required
    The field is required
    The field is required

    When’s good for you?

    Pick a slot…

    (*) Required field
    The field is required
    The field is required
    The field is required
    BACKLet's get started
    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

      Step 1 of 2

      Become a client

      Let Bright Ideas take care of your accounting. We’re guaranteed to have a solution here that suits your needs. Simply pick the package you like best and we’ll take care of the rest.

      You can sign up for our services right now. Complete the form below and we’ll be in touch the same day (if received before 4pm).

      (*) Required field
      The field is required
      The field is required
      The field is required
      The field is required
      Email address is invalid
      The field is required
      The field is required
      The field is required
      The field is required
      By submitting you agree to our Privacy Policy

      Let’s talk about your business

      Setting up a new business? Already trading as a Limited Company? No matter what your circumstances, Bright Ideas can help.

      (*) Required field
      The field is required
      The field is required
      The field is required
      The field is required

      Included in our company formation service is:

      • Limited Company name of your choice
      • Memorandum and articles of association
      • VAT, PAYE and Corporation Tax registration
      • Certificate of incorporation and Share certificate
      • Companies house registration
      (*) Required field
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required

      Director/Shareholder

      (*) Required field
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required

      Additional director or shareholder (Should only be completed for an additional person)

      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required
      The field is required

      Declaration acceptance *

      The field is required
      The field is required
      BACKLet's get started
      This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

         

        Request a Call Back

        (*) Required field
        The field is required
        The field is required
        Email address is invalid
        The field is required
        By submitting you agree to our Privacy Policy
        This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.