The government has pledged £705 million to prepare its post-Brexit borders and launched a £90 million advertising campaign, telling business it’s time to ‘Check, Change, Go’ – So take Brexit action now to protect your supply chain.
British businesses will need to complete 400 million new import and export declarations in 2021, but an IoD polls has found that 75% of businesses have made no Brexit preparations and there is increasing concern that many will not be ready for the changes that are coming on the 31st December 2020.
To prepare, you need to understand what your post-transition requirements will be, because failure to have the necessary approvals and processes in place for January 2021, will simply mean that European supply chains will not operate.
We can predict the impact of the Brexit customs changes to your European business, guide you on your compliance options and outline the cashflow implications of VAT and tariff liabilities.
The UK’s post-Brexit border regime will come into place over three stages next year, in January, April and July respectively, but export, safety and security declarations will be required for all goods from 1st January 2021.
January 2021: Businesses importing “standard goods” will need to fill out custom declarations and pay any necessary VAT.
Subject to approval, they have six months to submit customs declarations and VAT can be deferred until this time.
The right to defer import entries is most definitely conditional and it is vital that businesses check now that they can qualify.
However, those importing controlled or excised goods – like alcohol and tobacco – will need to submit customs declarations immediately.
April 2021: All importers of products of animal origin will need to fill out health documentation
July 2021: Submit customs declarations and pay relevant tariffs immediately.
Contact us now, to see how we can help ensure your business is compliant for January 2021. Ignorance will not be a defence, preparation now will ensure smooth transition.