Be prepared, get ahead of the Brexit deadline with BABC member Moore Kingston Smith
EU-UK discussions on a Free Trade Agreement (FTA) continue as both sides strive to avoid a damaging No Deal. Whilst a draft FTA really needs to surface by mid-November, the Brexit deadline of 31 December is sharply in focus for business.
Moore Kingston Smith's (MKS) ‘Be prepared, Get ahead’ checklist below, outlines the significant and urgent actions that should be addressed by import/export businesses – time is of the essence.
Map out and audit your supply chains.
Ensure you have Certification of Origin documents.
Know the commodity codes and tariffs for the goods you buy and sell.
Contact HMRC for a Binding Tariff Information decision.
Apply to use Customs Freight Simplified Procedures.
Determine who will be the Importer of Record.
Ensure you know whether you need an EU EORI number (in addition to your UK EORI number).
Know the rules for the borders you will trade across.
Have resource available for extra customs admin/outsource (ensure accuracy/completeness to avoid delays at ports).
Consider applying for the Custom Grants scheme.
Consider use of Customs Warehouses.
Apply for a VAT/Duty deferment account.
Check which EU27 countries require a VAT fiscal representative.
Review all supply contracts and review the Incoterms.
Check your IP (patents, trademarks etc.) – will they still be protected in EU27?
Make cross-border cash payments before 31 December.
Ensure adequate cashflow for VAT/tariffs/stock (budgets/forecasts needed).
Whether you are a company shipping goods from the UK to the EU or the reverse, MKS has the knowledge to help your business smoothly transition through Brexit. They not only understand the key implications that Brexit will have on your finance and operations, but also the importance of working with you to identify other risks, challenges and opportunities to help you move quickly towards a solution.
View MKS' recent webinar where they discussed the key Brexit issues and the practical steps that businesses should take in readiness for the new era, including:
Export of services
Supplying services in the cloud
What will happen to EU nationals living and working here, and to UK nationals living and working in Europe and contract workers?
Trading through an EU based subsidiary