With Brexit looming, BDP is actively preparing all scenarios to make the transition as smooth as possible. We recently hosted an informative webinar for our customers where we discussed and reviewed the possible implications to supply chains, dependent upon the outcome.
As of today, no deal has been approved that would avoid a hard-Brexit between the EU and UK in March. While Theresa May’s deal does allow for a 21 month transition period between the EU and UK, we cannot confidently rely on this happening.
Recently, the UK announced that they will allow companies to use “Transitional Simplified Procedures “(TSP) when importing goods into the UK from the EU. This brings great benefits, as it will not require companies to lodge a full customs declaration at the border, as well as the postpone import duties for up to one month after the import. Unfortunately, this does not apply to goods entering the EU from the UK.
If you plan to use TSP, however, you must pay special attention to consolidated goods. If your material under TSP is shipped together with companies that are not part of this program, your goods may still be held up at the border.
While we still are unsure what Brexit will look like, we do know that companies should be prepared for all scenarios. In the event of a hard-Brexit, your company can begin by:
- Applying for a UK EORI number
- Registering for Transitional Simplified Procedures, and ensuring you have a duty deferral account
- Considering who will be completing the import/export declaration, if necessary (customs broker, freight forwarder, yourself, etc.)
- Determining proper classification code and value of your goods
- Checking to see if you need an import or export license
As the situation with Brexit continues to evolve, our team at BDP International is keeping a vigilant watch and will continue to update our customers of any new developments.
Should you need any assistance with the preparations for Brexit, please reach out to our team of experts and we will be happy to assist.
Brexit at a Glance
Our Regulatory team has prepared an informative Brexit resource with potential scenarios and steps you can take now to keep your supply chain moving without delay in the face of Brexit. Download your copy of "Brexit at a Glance" on our Resource Center.Go to the BDP Resource Center