November 10, 2020

How will Brexit affect your business? Top 5 tips

How will Brexit affect your business?

The Brexit transition period ends on the 31st December, 2020

1. Ensure you have a GB EORI number

EORI stand for Economic Operator Registration and Identification number. This will be needed to complete customs declarations. You can register for a number here

2. Customs Declarations

You may need a professional entity to support you with customs declarations to ensure you are providing the necessary information. If your goods are eligible for staged controls, you may be able to defer import declarations for up to six months post-transition period, read more here

3. Import VAT

You will need to determine how you account for import VAT when you make a customs declaration. From 1st January, 2021, the government has introduced postponed VAT accounting for more information, read here. Also, you will need to check if VAT is due at the border.

4. Controlled goods list 

If your goods do not appear on the controlled goods list, you may be able to delay import declarations until July 2021. The list of goods is available here

5. UK Global Tariff

From the 1st January 2021, a new rate of customs duty will be applicable, called the UK Global Tariff. If you are importing into the United Kingdom, check the tariffs that will apply to the goods that you import here

If you have concerns relating to the trade of your goods in the United Kingdom and need support, reach out! We are here to help. 

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