Preparing for Brexit: does your business import or export goods?

If your business imports or exports goods, either as sales or in your supply chain, there are a number of things you need be aware of with the end of the Brexit transition period on 31 December 2020.

From 1 January there will be changes to tariffs, import VAT, insurance and VAT registration, plus you will need to register for an EORI (Economic Operators Registration and Identification) number for businesses that import or export goods, either as sales or in their supply chain.

New customs paperwork

Regardless of whether a deal is reached between the UK and the EU, import and export customs declarations will also be required for the movement of goods as of 1January 2021.

It is estimated that the number of customs declarations will increase from 50 million to 200 million a year.

Exporters should speak with their customs broker or the import-export agent who acts on their behalf to secure the service they need beyond the 31December, or alternatively look at setting up the business to make declarations internally.

Customs declarations for goods you bring or receive into the UK or EU

To help SMEs prepare for Brexit, we have produced some helpful materials including a Guide (with useful links to tools and further resources) and a 15-point Action Plan. Both of these can be found on our Preparing for Brexit web page here.

If you need any advice or guidance, please do get in touch.