BREXIT : ARE YOU PREPARED?

 

Brexit - Is your supply chain ready?

On the 31st of January 2020, the UK officially left the European Union. Between now and the 31st of December 2020 we are in a period of transition and in terms of trading with Europe, nothing is due to change during this time, i.e there will be no new customs procedures.

If you export or import to the EU, then the below information will really assist you in your planning in preparation for the 1st of Jan 2021. 

 

Download the latest information from HM Revenue and Customs, you will find details on what to expect during the transition phase.

  • Have you registered for your Economic Operator Registration and Identification (EORI) number if you are a business that only trades with the EU? From the 1st of Jan 2021, you will need a UK EORI number that starts with the letters GB. Find out how here
  • Have you established your custom commodity codes and incoterms https://www.gov.uk/trade-tariff?
  • Have you considered applying for AEO status?

Recently WTA was successful in regaining its AEO accreditation which gives us a trusted trader status giving a possible faster route to market for our clients.

On the 19th of May, the UK Government announced the UK Global Tariff (UKGT) which will replace the EU’s Common External Tariff on 1 January 2021 when the Transition Period will end. 

The UK Governments aim with the UKGT is that it will be easier for companies to import goods into the UK, by reducing red tape and increasing choice for consumers. £30 billion pounds of tariffs will be removed from the inbound supply chain.

The UK Gov is backing UK Industry which means that there will be tariffs applied to many goods if there is no Free Trade Agreement in place (FTA). This could potentially mean increased costs when importing certain products from the EU if at the end of the transition period there is no trade agreement in place. If you import cars, agricultural products, ceramics expect to have to pay import duties. For a full list of products that will have tariffs click here

 Any questions you might have don't hesitate to contact our Brexit Manager Dean Levey