INDUSTRY INSIGHT: Preparing your business to import from the EU in a no-deal Brexithttps://hoteldesigns.net/wp-content/uploads/2019/09/brexit-hintergrund-1.jpg 730 565 Hamish Kilburn Hamish Kilburn https://secure.gravatar.com/avatar/2edcad40930314dca244a6a9d0589916?s=96&d=mm&r=g
The United Kingdom (UK) will leave the European Union (EU) on October 31. If the UK leaves the EU without a deal, there may be changes that will almost certainly affect the design industry – the most obvious of which will be the shift in rules and regulations in regards to importing goods. In an attempt to cut through the noise, Hotel Designs has highlighted what businesses need to do in order to be ready…
Let’s face it, none of us want to be here discussing how things will change come October 31. However, despite the conflicting opinions, Government statements and sensational news stories, things are about to change – and we are, unfortunately, required to confront the changes that are imminently on the horizon, whether we agree with the politics behind them or not.
So, here is a guide, published on the Government website, highlighting what you need to do if your business imports goods from the EU.
1) Make sure your business has an EORI number that starts with GB
You’ll need an Economic Operator Registration and Identification (EORI) number starting with GB to continue importing goods. You this to move goods into or out of the EU (including the UK). Not having one may result in increased costs and delays. For example, if HM Revenue and Customs (HMRC) cannot clear your goods you may have to pay storage fees.
Click here to get an EORI number (the process takes five minutes).
2) Decide who will make the import declarations
You can hire someone to deal with customs for you, or you can do it yourself. If you do hire a person or a business, they and/or the business will need to be established in the EU.
For more information about this, click here.
3) Apply to make importing easier
You can apply to use ‘transitional simplified procedures’ to reduce the amount of information you need to give at the border.
You may also be able to use the Common Transit Convention (CTC) to simplify how your goods pass through customs and when you pay customs duties. Find out if you are eligible to use CTC.
4) Set up duty deferment account if you import regularly
Set up a duty deferment account if you want to be able to make one payment of customs duties a month instead of paying for individual shipments.
5) Check the rate of tax and duty you’ll need to pay
You’ll need to pay customs duties and VAT on all imports.
- Find out the rate of customs on imports after Brexit
- Check when you’ll need to account for and pay VAT
You’ll also need to pay excise duties if you’re importing alcohol, tobacco or biofuels. Find out the rate of excise duty on imports.
6) Check what you need to do, and which regulations you need to follow, for the type of goods you import?
Depending on what you’re importing, there might be other things you’ll need to do to get your business ready.
For example, you might need to change the labelling on your goods, apply for licences, or find and approved UK border inspection post where your goods can enter the UK. Check what you need to do for the type of goods you import.
Main image credit: publicdomainpictures.net/CC0 Public Domain