Post-Brexit Navigation

Adapting to the new rules, customs procedures and regulatory changes is a minefield of ever-changing procedures and dynamics

CUSTOMS DECLARATIONS POST-BREXIT

Increased Documentation -

Businesses must provide more information about their goods, including tariff codes, origins and descriptions. This increased documentation is essential for determining duties and compliance with customs regulations.

Postponed VAT Accounting -

Companies can now choose postponed VAT accounting, allowing them to defer VAT payments until their VAT return, aiding cash flow management.

Customs Warehousing -

Allowing businesses to store imported goods in customs warehousing, deferring the duty and VAT payments until the goods are released for domestic consumption.

Customs Clearance -

Importers and exporters must navigate customs clearance procedures, which include paying applicable tariffs and VAT. Delays in clearance can lead to increased costs and disrupted supply chains.

LEVERAGING CUSTOMS PROCEDURES

Inward Processing -

Post-Brexit, inward processing enables businesses to import goods without paying customs duties, provided they export the finished products, adhering to strict compliance and documentation requirements.

New Tariff Regime -

Businesses must understand and apply the new UK Global Tariff (UKGT) or any preferential trade agreements that may apply, which can significantly impact costs.

CHANGES IN DUTY RATES AND VAT

Customs Duty Calculations -

Companies must accurately calculate customs duties based on the new rates, which can involve additional administrative burdens and potential for errors, impacting overall costs.

Origin Rules -

To benefit from reduced or zero tariffs under trade agreements, businesses must comply with specific rules of origin requirements. This means that a certain percentage of the product must be manufactured in the UK.

Outward Processing -

Post-Brexit, outward processing allows businesses to export goods for processing without paying customs duties on added value, provided they comply with new regulations and re-import within specified time limits.