As the risk of a no-deal scenario increases, businesses are being encouraged to start reviewing operations in order to take the necessary measures. Where do you start? From an EU trading perspective, you could find your business becomes an exporter or importer overnight. The sudden requirement for understanding of rules of origin, customs declarations and additional paperwork could become burdensome and have a negative impact on your supply chains if you’re not prepared.
Start your trade action plan now!
- Check your contracts and terms of supply, you will need to consider changes in Incoterms and customs procedures, as well as tariff and tax liabilities.
- Develop relationships with strategic partners such as freight forwarders, chambers of commerce and local advisers from DIT.
- Will you submit declarations yourselves, or outsource to 3rd parties such as customs brokers, couriers or freight forwarders?
- Consider benefits of customs procedures to delay or relieve payment of duty e. customs warehouse, inward processing
- Check the UK Trade Tariff for commodity codes and rates of duty.
- Compare current rates of duty with the potential WTO rates (Most Favoured Nation status)
- Seek advice and guidance on tariff classification, customs valuation and rules of origin.
- You may need a licence to export specific goods – Are they controlled?
- The export invoice will need to contain additional consignment details such as freight, insurance, incoterms, and country of origin – do you have this information, can your current systems adapt to this?
- More documents required to clear your goods at customs – What do these look like?
Essential training and events
The Dorset Chambers successful training programme has already helped hundreds of businesses tackle the issues listed above. Follow the latest seminars and workshops available in Dorset to help you with your planning, and register here to receive the regular training and events newsletter
Keep up with the latest updates
Follow updates released by Government on gov.uk
Consider the practical tools available from the British Chambers of Commerce:
Register for HMRC’s EU Exit update service
Follow the Dorset Chamber’s Brexit Helpdesk