Brexit will change the rules on how you import and export, are you ready for it?
The United Kingdom is due to leave the European Union (EU) on 31 January 2020, after Prime Minister Boris Johnson’s Brexit deal was backed by the Member of Parliament (MPs). With the United Kingdom leaving the European Union, businesses that import and export will need to prepare in order to avoid any exasperating delays.
If you want to continue importing and exporting from the EU to the UK after Brexit then you will need to prepare. Luckily for you, we have prepared some useful guidelines that will help your business run smoothly without any setbacks during Brexit. Please bear in mind that these guidelines are different if you move your goods from Ireland to Northern Ireland, or if you export goods or transport goods out of the UK. Without further ado, let’s begin!
Import and export declarations: You will need to decide on who will make the import or export declarations, or if you will hire someone to deal with customs on your behalf or you can do it yourself. Additionally, if you decide to export your goods using transit, you may be able to use the Common Transit Convention (CTC) to simplify how your goods will pass through customs and when your importer pays customs duties.one.
Apply to make importing easier: Apply to make importing easier: If you find that you import regularly, you can set up a duty deferment account which allows you to make one payment of customs duties a month instead of paying for every single shipment. When it comes to exporting, your importer will need to pay tax and duty on your goods after Brexit. This will depend on the classification of the goods.
Check the rate for tax and duty: When importing, you will need to pay for customs duties and VAT on all imports and also check the rate of tax and duty you will need to pay. You will also need to pay excise duties if you are importing alcohol, biofuels or tobacco. On the other hand, when exporting, you will need to check what you need to do for the type of goods you export. Also find out how changes to VAT will you affect you. Contact us if you need VAT registration in the UK, EU and outside EU.
Need more information?
Ask us for more information on what you need to do to get ready for Brexit. Alternatively, send us a message if you need to get an EORI number and VAT registration in the UK, EU and outside EU.