Brexit could affect your business: act now

The UK has left the EU and new rules for business with the EU came into force on 1 January 2021.

 

Even though a deal has been secured, doing business with Europe has changed.

 

You need to follow new rules on exports, imports, tariffs, data and hiring. Unless you have checked that you are ready, your business may face disruption.

Check your qualifications

You will need to have your UK professional qualifications officially recognised if you want to work in a regulated profession in the EEA or Switzerland.

It will need to be recognised by the appropriate regulator for your profession in each country where you intend to work, and you may need to do this even if you’re providing only temporary or occasional professional services.

For further guidance and information, click here

Check changes affecting manufactured goods

New rules following the end of the Brexit transition period include changes affecting use of the CE marking and the introduction of the new UKCA marking . If you plan to place goods on both the UK and EU markets, you should start preparing for these changes now.

Head to gov.uk to identify changes affecting manufactured goods to ensure your business is ready to sell them in the UK and EU. 

Prepare for new customs procedures

To continue trading with the EU, you will need to follow new rules for importing and exporting, including changes to customs processes and licensing. Before you attempt to move your goods, you will need to:

  • Get ready to make customs declarations -these are now needed for all exports from the UK and if you’re importing controlled goods. If you import goods that are not controlled, you may be able to delay making your declarations for up to six months. There is a step-by-step guide to help with exports and a step-by-step guide to help with imports.
  • Get expert help – it is recommended you get a contract in place as soon as you can with a customs intermediary like a freight forwarder or customs broker. This is especially important if you’re exporting or importing controlled goods, as you will not be able to delay your declarations.
  • Make sure that you know how to classify your goods and how you will evidence their origin, your customs intermediary will also be able to help you ensure your goods are classified correctly. If you do not classify your goods correctly or if you do not accurately record the origin of the goods in your customs declaration, you may be charged the wrong amount of tax or duty. If you choose not to hire an intermediary, you will need to do this yourself.

If you move goods between Great Britain and Northern Ireland, the free-to-use Trader Support Service will guide you through any changes linked to the implementation of the Northern Ireland Protocol. Sign up online.

There will be changes to the processes that traders need to make no matter what future trading arrangements with Europe is agreed - so businesses must take action now or risk experiencing delays in January.

If you do just one thing now, it’s recommended you get a contract in place with a customs intermediary before you start moving goods after 1 January. If you move goods between Great Britain and Northern Ireland, sign up for the free Trader Support Service (TSS).

Visit gov.uk to check duties and customs procedures for exporting your goods worldwide.

Check Import VAT

 

You can find further information and guidance around changes to VAT treatment, and on using Postponed VAT Accounting here.

You can aslo check step-by-step guide to help with imports.

Act now!

For a personalised summary of all the actions your business needs to take to prepare for new rules from 1 January, use the Brexit transition checker tool  on gov.uk/transition.

And, most importantly, take those steps now.

The support enables us to continue providing extensive cover for our clients, and pursue our mission of securing B2B trade in the face of the unprecedented challenges to supply chains posed by Covid-19.
There are several options and tools to mitigate credit risks. You should weigh the costs and benefits of these options and investigate carefully to determine the best fit for your company.

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