January 1 2021 is the end of the UK/EU transition period and there are a number of measures in place to limit the initial impact of Brexit. Many are temporary, and business owners may need to consider now both the short and long term plans for their business in terms of import duty and cashflow.
Every UK business buying from or selling into the European Union, Northern Ireland or beyond will need this identifier to move goods between territories, no matter how small or large your trade it is vitally important to ensure business has an EORI number.
If you contact us we can help you apply for this number.
From 1 January 2021, import VAT can be accounted for on the buyer’s VAT return
You will need to be VAT registered in the UK please contact us for more details
Like VAT, import duty is declared at arrival into the UK and paid before the goods are released; again, the freight agent usually does this and charges a fee.
For the first six months, import duty is still due but HMRC will release the goods without payment so as not to cause backlogs or delays. The taxpayer must then settle this deferred import duty within six months. The taxpayer will also have to file the import documentation at that time too. We can help with this documentation.
These already exist for business which import from outside the EU but will become more popular following the end of the transition. We can help you setup a Duty Deferment account.
An occasional import of stock from the EU may be easier to deal with via a freight handler or agency such as ours.
A business with high volumes of imports may consider outsoursing the declarations and management the deferment account with HMRC. Ultimately your cost, time and resources come into play.
If you nothing else today try to ensure your business applies for an EORI number and reviews its supply chain volumes and values. That work will form a picture of what best works for your business.
Of course our team of Customs Agents are able to help you with all aspects that you need to review