With the UK’s Brexit transition period nearing its end (31 December 2020), companies engaged with the import or export of goods into or from the UK must take action to ensure Brexit readiness, particularly in the event of a no-deal scenario.
The Brexit process has no doubt been marred by uncertainty and eclipsed by the pandemic in recent months. And whilst it’s still unclear what our relationship with the EU might look like from next year onwards, we’re working with business owners now to ensure they are as best prepared as possible.
Does any part of your business entail the movement of goods in or out of the UK?
If so, whatever trade deal is (or is not) agreed, UK businesses will no doubt need to comply with new trading regulations. Failure to do so, or failure to submit accurate paperwork may result in goods being held up, under or over payments for duty costs and/or penalties for incorrect declarations.
What can I do now to prepare for Brexit?
We’re encouraging businesses to conduct an internal ‘health-check’ so to speak, which considers the following:
- Review contracts and supply chains
- EORI numbers
- Review what level of customs duties will be due on your imports
- Assess how will you clear your goods for UK customs purposes
- Import VAT and duty deferment
- Review contracts and supply chains from a VAT and duty perspective
- Consider how you will physically export the goods
- Review what custom duties will be due when importing into non-EU countries
To help businesses navigate changing regulations, experts from our specialist VAT division have complied a Brexit checklist, the purpose of which is to ensure business owners really evaluate their existing business plans from a functional perspective, following which our experts can help plug any gaps and provide greater insight into Brexit readiness.
If you are interested in completing your own Brexit checklist, please click here.
Alternatively, if you would like to discuss the implications that Brexit may have on your business activities, or have any concerns that you’d like to talk through with an expert, please do not hesitate to get in touch. We are here to help you thrive through the change.