In order to help businesses to consider the changes that might happen following Brexit, the British Chambers of Commerce (BCC) has developed a Business Brexit Checklist. This checklist aims to help companies at both operational and board levels.
Although the European Union and the UK have not yet reached a final agreement, there are a few steps that companies can already start undertaking to plan ahead.
Over the coming weeks we will be focusing on things to look out for to get your business ready for Brexit.
Number 11: UK/EU Customs Check
When leaving the European Union, the UK might become a “third country” which means that UK exporters to the EU may in the future be required to make customs declarations. We estimate that the number of customs declarations every year will go up from 55 million to 250 million.
If you already trade with non-EU markets, you might need to apply the same customs procedures when dealing with the EU. So, whether you do your customs declarations internally or if you outsource it to your freight forwarder or customs broker for example, you need to be ready to deal with a significant increase depending on the size of your trade with the EU.
If you deal solely with EU markets, things will get a bit more complicated as there will now be a customs frontier between the UK and the EU and exporters and importers will need to process their customs declarations and ensure they are compliant.
The Chamber is happy to assist members with any queries they may have regarding customs declarations, please do email email@example.com and we will get in touch.
Customs Declaration Service
Companies should also be aware that HMRC has launched the first release of its new Customs Declaration Service (CDS), which is replacing the 25- year-old Customs Handing of Import and Export Freight (CHIEF) system.
CDS is being introduced gradually and the timing of your move over to it will depend on when your business, or your software developer or agent, are ready.
If you would like to know more about the new system, we will be hosting a seminar with a HMRC Representative on 13th November. Click here for more information.