Bevis Wright Accountant

The United Kingdom has now left the EU and is currently in a “transition period”, during which all EU rules will continue to apply. This is scheduled to finish on 31 December 2020 after which there will be large scale changes in the way the UK operates and trades with both the EU, and the rest of the world.  EU rules will no longer directly apply in Great Britain and trade between the UK and EU will be governed by new rules.

When preparing your business for Brexit, the principal key action that any business can take is to review the guidance made available by the UK government. The level of documentation available has increased rapidly over the past few months, and alongside this, a questionnaire is available to supply all relevant notes and actions. You can find the questionnaire here.

The key effects of the changes that will be coming into place can be broadly split into three categories. Ensure your business is fully prepared for Brexit by following the below guidance...

People
Imports

The government has announced that relaxed controls will apply to goods coming into the UK from the EU for a period of six months. These will apply regardless of whether current talks result in a Free Trade Agreement or not.

Under the government’s plan, the requirement to submit customs documentation (showing information about the goods being imported) and pay any tariffs/ duties due up front, would be put on hold for six months after import. Businesses would be required to keep a record of goods that have been imported and pay any tariffs due subsequently.

What you can do now to prepare for Brexit...

Exports

If the above points are sorted, goods will be able to leave the country, but businesses will still need to check through what documentation is required by the country they are selling into - https://www.check-duties-customs-exporting-goods.service.gov.uk/selectdest

Some potential documents that could be required:

  • Entry Summary Declaration
  • Single Administrative Document
  • Declaration of Dutiable Value
  • Commercial Invoice
  • Packing List
  • Certificate of Non-Preferential Origin
  • Proof of Preferential Origin
  • Air Waybill
  • Bill of Lading
  • Rail Waybill
  • Waybill
  • Insurance Certificate
  • Economic Operator Registration and Identification 
If you have any questions on preparing your business for Brexit, please get in touch with us on 024 7667 3160 or email info@oldfieldadvisory.com.