Currently, most imports from the EU cross the borders without the need for official paperwork. But when the UK leave the EU on 21 December 2020, the import and export of goods rules will change.
As we are a member of the UK200 Group, the UK's leading professional services group of independent quality assured chartered accountancy and law firms; we will be able to offer our clients access to Government granted funding via one of our UK200 accountant affiliate Dains Accountants.
What you should know…
When the UK leave the EU at the end of December, an import/export entry will have to be made to HMRC, and customs duty may need to be paid either at the UK or EU border. The Government expect that 50,000 extra people will need to complete import/export entries and that 500,000 additional custom entries could be made per day to these changes?
How could this impact you?
If your goods arrive at EU borders with incorrect paperwork you could see:
- your goods held up at the point of import/export
- penalties imposed for incorrect declarations
- errors resulting in duty being over or underpaid
- investigations by HMRC once either the import/export declaration has been completed.
Grant-funded workshop.
Why not access a grant-funded virtual training workshop, covering the following areas (but not limited to):
- Tariff codes
- Custom procedure codes
- Valuation of goods - including freight and insurance cost
- Duty charges on imports/exports
- Export entries
- Reverse charge of import VAT
- Customs Freight Simplified Procedures
- Moving goods between companies in the same group but in different countries
and more.
If you would like to learn more about the Import and Export changes or Grant Funded Training Workshop, please contact a member of the Corporate Commercial Brexit Team or call 0161 941 4000.