Importing and exporting within the EU could be vastly different with either a Hard or Soft Brexit. With only 6 months left, now is the time to prepare. We address two simple action points to get you started.
Should this happen and the UK does leave the EU on the 29th March 2019 without a deal, the EU as far as trade goes, will become like any other “foreign country”, take for example Venezuela. British companies will need the same documentation to trade with the EU as you would Venezuela.
Currently, trading with the EU is very easy, there’s no major documentation required, no customs, any import export documentation that is required is filed remotely after the import or export is completed. That same export to France will be much harder.
Be proactive, not reactive, have everything in place before the end of March. If you trade solely with the EU, you are running at this point, a very high risk of being completely caught out and your business potentially coming to a halt if you don’t know how to trade outside of the EU.
Prepare for Brexit – A Checklist
- Do you have an EORI number?
If not, go and get one. If you’re trading outside the European Union already, you’ll have an EORI number, so you don’t need to worry about this. If not, depending on whether you’re registered for VAT or not and whether you’re importing or exporting, here’s how to get your EORI number.
- Customs Clearance will be using the new CDS system, we’re told by the end of 2018. You will need an EORI number to access this system.
- Delivery Times: Without a deal, delivery times of goods coming in and out of the EU will be delayed with some estimating very severe delays.To begin to understand the extent of what the direct consequences could be see our quick guide on “The Possible Impact of Brexit on Trade”. Analyse how your business will cope if this is realised and goods you’re importing are held up for days before you receive them and equally, how this will effect your shipments outbound to your customers. If you’re offering guaranteed delivery times, you may well want to rethink this.
- Brexit Risk Assessment: Perform a risk assessment on your entire company, from the warehouse to the managing director . Where is your company vulnerable, what will need to change, where are your biggest risks and how can you minimise them?
ABTS Training can help should you need it. For more information on our Brexit Breakdown membership, please feel free to contact us.