The UK is set to leave the EU on 31st December 2020 and has secured a trade agreement. The details of the agreement are to be finalized, and trade between the UK and the EU is set to continue, although there will be changes in the paperwork and processes.
Martin Bencher Group offers a wide range of solutions to minimize the impact of Brexit. With 13 offices across Europe we have existing knowledge, capabilities, skills, and partners, we are ready to assist your trade between the UK and the EU, no matter the final outcome. Some changes that need to be considered to enable a more seamless transition to trade in 2021 include:
Applying for an EORI Number
Some shippers and consignees may have to apply for a EORI Number in order to continue to import / export internationally.
Knowing the Customs Clearance Process
Although the EU-UK Trade and Cooperation Agreement refers to ‘zero tariffs’ (zero customs duties), this doesn’t replace the need to generate a Customs Declaration.
Knowing Your Commodity Codes
Companies will need to become familiar with customs commodity codes for imported or exported goods and ensure they are listed on all commercial documents, to help the clearance process.
Understanding Fiscal Representative
Non-resident companies who import and export will need to apply for a Fiscal Representative, who will be responsible for all import / export related VAT and Duty.
Payment of Government Duty and Taxes
Government Duty and taxes will be payable on a in advance, on arrival or deferred basis. And HMRC must confirm receipt prior to continuation of transportation.
Anticipating Congestion at Border
Congestion at border entry and exit points are likely to occur. Companies may wish to consider increasing their inventory levels in the short term to remove the risk in the event of any potential shipment delay.
As the agreement is not finalized yet, the Martin Bencher Brexit Guide will be updated regularly. If you have any specific requests or need assistance, please do not hesitate to reach out to your local Martin Bencher Representative. You can find all contact information by clicking here.
You can also download the full guide by clicking here.