Articles
Businesses need to be prepared
Whatever happens in the next 50 days to complete the trade negotiations, one thing is for certain, there will be a border back on the UK.
So, if you do business outside the UK, or import from outside the UK there will be more paperwork and border checks, so you need to be prepared to deal with the additional requirements.
There is a transition period, so that the UK will not require importers of non-controlled goods into the UK to produce post-Brexit declarations or pay any tariffs between 1 January 2021 and 30 June 2021.
However, from 1 July 2021 imports and exports via the EU will be treated the same as any other non-EU state, such as the USA.
UK systems will be replacing existing EU ones, which will include a requirement that goods are routed through border control posts which may lead to delays. Businesses should factor into their planning what border control posts goods will travel through to the UK. Currently 85% of all EU trade to the UK goes through France, so some of the busiest posts will be along Southern England and more delays should be expected.
There are reliefs available that businesses may not already be aware of including Customs Warehousing and Inward Processing Relief, and where eligible these could be a blessing for businesses taking on the new requirements.
Central to the future of exporting and importing between the UK and EU is an Economic Operators Registration and Identification (EORI) number. Every business will need one to transit goods between the UK and other countries from January 1, and may also need one if moving goods to or from Northern Ireland.
Not having an EORI means increased costs and delays. If HMRC cannot clear your goods you may have to pay storage fees. It can take up to a week to get one in some cases.
If you have any questions regarding Brexit, please contact us
More & Other Musings
View all related contentArticles27 Oct 2023
Significant changes to the UK's corporation tax rates came into effect from 1 April 2023, and it's essential for businesses to understand the implications, especially if they are associated with other companies.
Articles26 Oct 2023
Transfer pricing is a critical aspect of international taxation that often gets overlooked by businesses. However, understanding and managing transfer pricing is becoming increasingly vital, especially in a globalised economy where multinational corporations operate across various countries. Understanding Transfer Pricing... Read more
Articles9 Jun 2023
Recently, there has been an emergence of PAYE credit notices, typically for around £3000, which has left many people confused about their origin. Well, the solution to this conundrum has been uncovered.
Articles17 May 2023
One downside to running a limited company is set to change
PAST Webinars & Events13 Aug 2020
Keen to encourage homegrown creativity and innovation and to make the UK attractive to overseas investors the Government has introduced a number of tax incentives for businesses. Usually it’s pretty clear cut which tax incentive a business should apply for,... Read more