As we have all heard over the last few years, Brexit will have an impact on trade and how we import and export goods not only through the EU, but also to countries that the UK has negotiated trade deals with as a member of the EU.
After officially leaving the EU in January 2020, The UK has until the end of December 31st this year, when the transition period comes to an end, to form new arrangements with its trading partners.
Leaving the EU also presents many business opportunities for shipping from outside the UK and will leave Britain with free reign to negotiate free trade agreements on the terms of its choosing.
So, how will Brexit affect trade and how will Brexit affect my business?
- Import and export of goods to and from EU countries, including associated VAT payments, VAT refund claims and (potentially) custom and excise duties.
- Transport and logistics, including fulfilment.
However, The advantages of this, as quoted in This Week magazine ‘A weak pound could mean exported goods are more competitive’.
Many businesses hope Brexit will allow an opportunity for more lucrative trade deals with these players which is great news.
In the meantime, businesses can take steps to prepare
- Register with the HMRC as an exporter and obtain an EORI number
- Register for the REX (registered exporter) system
- Review your current bill of materials and assess whether your good would currently meet origin thresholds
- Identify the origin of your products and where Brexit will cut across your supply chain.
Looking positively at the situation, Brexit may be a great opportunity for all involved.
For more information and to have access to a huge range of buyers, sellers and products, visit www.santramerchant.com