Exporters: Are You Ready for Brexit?
Do you trade with countries within the European Union?
Are you aware of the changes that affect you from 1 January 2021?
Data from the British Chamber of Commerce shows that just 38% of firms have completed a Brexit risk assessment in 2020. This compares to 57% in 2019 and 35% in 2018.
Brexit will affect Your business, family, and personal circumstances. The government’s is available to provide a personalised list of actions. You can also sign up for emails to get updates for what you need to do.
Members of the Hargreaves Owen team attended a Barclays webinar which discussed the steps businesses should take to be ready for 1 January 2021, when Britain leaves the EU.
A helpful checklist was included, which we are pleased to share with you, with full acknowledgement to Barclays Bank.
- Use the government’s for tailored advice on trading abroad
- Make sure you have a (EORI) number
- Know your VAT responsibilities – import VAT may be due at the border
- Consider hiring a customs broker or logistics provider – or make sure your staff are trained for customs procedures
- Secure freight services now and make your supply chain aware of potential delays at the border
- Make sure you’ve factored any additional costs into your pricing
- Decide the correct classification and value of your goods by using the government’s trade tariff tool
- Familiarise yourself with the latest customs declaration information
- Keep close to your cashflow and consider the funding you might need
- Make sure your import and export record-keeping is up to date
- Continue to check country-specific regulations including tariffs
- Keep track of exchange rates and consider how to manage your currency exposure
- Keep reviewing your products and markets for new opportunities abroad
- Subscribe to email updates from gov.uk to get the latest guidance
A free webinar is available from HM Revenue & Customs. The webinar explains what actions you need to take to export goods from Great Britain to the EU and move goods between Great Britain and Northern Ireland. You’ll be provided with a run-through of the key export processes – staged border controls, zero-rated VAT, customs declaration, using an intermediary as well as licences, certificates and authorisations that you’ll need. to register.
Remember – if you have any queries, plesae4 let us know. Our team of friendly experts are here to help you.