We will be issuing a series of articles as we approach 1st of January 2021 when the transitional arrangements for the UK leaving the EU end.
There are a number of challenges you face as a business owner in the coming months and many of you are no doubt watching the Brexit negotiations closely.
Whether or not there is a free trade agreement, many of the administrative changes for trade and travel are already known and it is important you plan ahead for these.
The purpose of our Newsletters will be to make you aware of the changes, although the actions that specific business owners need to take may vary based on your circumstances. Therefore, we also stand ready to assist you with any specific queries you may have regarding Brexit related issues.
If you are trading in goods with the EU then you will need to complete Customs declarations next year, regardless of whether the UK agrees on a free trade deal with the EU
To complete these declarations you will need to:
- Have a GB Economic Operator Registration and Identification number (EORI number). You may already have an EORI number because you trade with non-EU countries and this will be sufficient for your future trade with the EU. However, if you need to apply for EORI, you can do this by using this link;
- Decide if you will use a customs intermediary/agent to complete the declarations on your behalf. There will be increased demand on those who offer such services, so we advise that you make contact as soon as possible to discuss future arrangements. There is a list of firms here.
If you choose to complete the Customs declarations yourself, rather than use an agent, you will need to:
- Have access to the relevant IT systems to complete declarations;
- Know the customs value and commodity code for goods traded;
- Consider simplifications and facilitations such as Customs Freight Simplified Procedures (CFSPs), warehousing, inward processing, and transit.
There are Grants available to assist with the costs of training, recruitment and IT to undertake these requirements and details are available here.
In our next Brexit Newsletter, we will outline the arrangements for paying import VAT and duties.