No matter what the outcome of the Brexit negotiations within the UK and the EU, we will all have to adapt to the new economic and political landscape. There is no question that Brexit will mean significant change, but some of the most visible initial developments for business will in exports and imports to and from the EU. However, there is help and guidance available for those facing these challenges.
Advice for importers and exporters
HMRC has issued a range of guidance and step-by-step guides for businesses trading with EU and the rest of the world whcih can be found here.
Customs declarations – actions required If the UK leaves the EU without a deal, customs controls will apply for importing and exporting between the UK and EU, and businesses need to have an Economic Operator Registration Identification (EORI) number.
- If you don’t have an EORI number, register for one here.
- If you already have a UK EORI, which is a twelve-digit number beginning with the prefix ‘GB’, make sure you have it to hand to use for UK-EU trade, and take steps so you are ready to complete customs processes on your UK-EU trade.
- If you already have an EU EORI number (which will be a number beginning with a different country prefix, such as ‘IE’or ‘FR’) you do not need to register for a UK EORI number yet; HMRC will continue to recognise your EU EORI number for a temporary period, and will provide further information about moving to a UK EORI number shortly.
- If you are not used to dealing with customs processes the easiest solution is to find a customs agent to manage the process, if you decide to do it yourself ensure you are trained and have appropriate IT and systems in place. The Bedfordshire Chamber of Commerce can aid members with international trade requirements.
Importing from the EU – action required
HMRC is introducing new Transitional Simplified Procedures (TSP) for businesses established in the UK, to make importing from the EU as easy as possible for the initial period after the UK leaves the EU, should there be no deal.
If signed up for TSP, businesses will be able to import goods into the UK from the EU without having to make a full customs declaration at the border and be able to postpone paying any import duties. VAT will be accounted for on your VAT return. Sign up for TSP online here. You’ll need an EORI number to do this.
Customs facilitations are simplifications designed to make customs easier and, in the case of special procedures or deferring duty, improve your cash flow. To find out how your authorisation to use customs facilitations is affected, click here.
Other related areas
Further information on moving goods using common transit convention (CTC), export declarations, accounting for import VAT, and EU refunds is available. To view the full letter and other information click here.
British Chambers of Commerce offer Brexit support
British Chambers of Commerce have been working together to provide advice and support for business communities trying to navigate the challenges caused by Brexit.
The Chamber Network is focused on the practicalities of Brexit and it has compiled a list of useful resources to help firms plan for change. More details can be found here.
Post Brexit Panic?
The future is uncertain, but at Foxley Kingham and GKP we can support your business in a range of ways, no matter what happens with the UK’s relationship with the EU.
We will work with you to ensure that your financial affairs are in optimal shape, and advise you on any changes to financial regulations. For more information on how we can help, please contact us.