The UK has left the EU
What does it mean for you and what you need to do.
The United Kingdom has left the European Union and we have officially entered the transition period which will end in December 2020. This is deadline for everyone to make sure they are acomplying with the new regulations. Although the hard deadline, a lot of things still need to be defined and that will be when the UK and EU will find agreements on all the aspects of the new relationship with EU state members.
There are several things you can do to prepare, which will save you time money and hassles later on.
How to prepare for Brexit if you are a EU exporter
Are you ready for customs? Have you got your EORI number?
EU businesses will need an EU EORI number to trade with the UK. Consider how you will complete customs documentation.
Have you registered for simplified procedures?
The UK government will be enabling many businesses to defer VAT and duty payments on imports. That will save them having to settle these immediately at port, which will help cash-flow. To defer customs duties, excise duties or import VAT businesses will need a duty deferment account.
Transitional simplified procedures are simple measures to make importing as easy as possible. They enable goods to be transported into the UK without having to make a full customs declaration in advance. Businesses will need to register themselves to use them and will need to have a duty deferment account. Once registered, an agent can make declarations on the business’s behalf.
How will your principal contracts be affected by Brexit?
It is particularly important that they adequately clarify the terms for trade across EU borders, including how VAT is dealt with. You will need to consider how your contracts and International Terms and Conditions of Service (INCOTERMS) reflect you are now an international exporter.
Transitional simplified procedures are simple measures to make importing as easy as possible. They enable goods to be transported into the UK without having to make a full customs declaration in advance. Businesses will need to register themselves to use them and will need to have a duty deferment account. Once registered, an agent can make declarations on the business’s behalf.
What to do to prepare for Brexit if you work with ZETA
Do you need Zeta to make import/export declarations on your behalf? Do you have a deferment account?
What we’ll need from you:
- Commercial invoice
- Packing list
- Freight insurance
Before goods leave the EU you will need to:
- Apply for UK Economic Operator Registration and Identification (EORI) number – (you can find out how here)
- Decide the correct classification and value of the goods
- Prepare Export Declaration
- Excise stock – open EMCS movement from the collection point to the port of loading
When goods arrive to UK:
- Prepare Entry Summary Declaration and submit Import declaration
- Pay the Value Added Tax (VAT) and import duties if applicable
- Excise goods – declare the goods on EMCS for onward movement via a Registered Consignor
Useful Links
Import, export and customs for businesses
Moving and declaring excise goods in a no-deal Brexit
