Brexit: 6 letters that have generated discord, controversy, discussion, dispute, and a great deal of uncertainty since the United Kingdom’s referendum vote on June 23, 2016, where the majority ruled in favor of the UK leaving the European Union.
Since the 2016 vote, the British government has been working with the EU to develop and finalize a proposed deal for the UK’s departure, which is set to happen on March 29, at 11 pm. As of yet, there has been no agreement, leaving the possibility for a number of scenarios, including a hard Brexit, soft Brexit, no deal, or on hold Brexit.
No matter the outcome, there are steps your business can take now to prepare:
1.) Ensure your company has an Authorised Economic Operators Registration and Identification number
2.) If you are a UK entity, register for Transitional Simplified Procedures (TSP); this will allow for simplified importing from the EU into the UK for an initial period of one year.
3.) Confirm all cargo moving to and from the UK and EU is correctly classified under the Customs TARIC system.
4.) Ensure all cargo moving to and from the UK and EU reflects the following required information:
5.) Fully prepare for the possibility of import VAT or duties at the point of importation into the EU or UK if no agreement is reached on the proposed withdrawal agreement. Sufficient cash flow must be considered.
6.) Ensure full consideration is given to your supply chain and cargo transit times as a no-deal withdrawal will result in long delays at customs points.