Amidst all the news about increased tariffs in the US, the UK government has announced a cut to zero in import tariffs on a range of 89 foreign products.
Plywood and plastics, as well as pasta, fruit juices, coconut oil, pine nuts, agave syrup and plant bulbs are all included. Construction, food and hospitality, and garden-related businesses could all benefit from reduced costs as a result.
The changes relate to goods where the UK Global Tariff applies, i.e. where the goods entering the UK don’t qualify for preferential treatment under, for example, a free trade agreement. The government anticipates that businesses will save at least £17 million because of these cuts.
The suspension to the import tariffs on these products will last until July 2027.
See: https://www.gov.uk/government/news/government-cuts-price-of-everyday-items-and-summer-essentials
The government has announced a temporary reduced rate of VAT for children’s meals in restaurants and family leisure activities over the summer.
Companies House and the Intellectual Property Office (IPO) are asking businesses to take special care of misleading requests for payment sent by fraudulent organisations.
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