Recently our friends at MHA MacIntyre Hudson hosted a webinar with experts from all corners of the Brexit arena to discuss the complex issues businesses will face in changes to VAT and Customs & Excise duties.
The advice is very helpful, so it is well worth reserving an hour of your day to listen to what the experts have to say in order to get your business ‘Brexit ready’. Watch here
Alison Horner, Indirect Tax Partner at MHA MacIntyre Hudson, rightly points out “don’t be blinded by not worrying about import declarations for 6 months you will still need to deal with customs agents and getting the import VAT dealt with.” This is something we are actively encouraging our customers. By making the groundwork preparations now it could be far more beneficial on your business to make the import declarations at time of import instead of deferring, otherwise your cash flow could be under significant pressure by June 2021. Andrew Thurston, customs consultant at MHA MacIntyre Hudson, explains “If you’re exporting into the EU, you’re going to need to make an export declaration from the UK from day one. There will be an import declaration into the EU with potential for customs duties depending on what happens with any trade agreement. So everything outside the UK will be classed as a third country import and export. That’s not going to change.”
Andrew Thurston also highlights the importance of having a clear understanding of your supply chain, in order to determine what your VAT and customs obligations are. Additionally, it is vital to recognise the importance of Incoterms as this will determine who will be the importer and responsible for Duty and VAT, as customs duty is a bottom line cost.
The webinar features the ‘Easy wins’ you can get on with now:
EORI No. Link
Duty Deferment Account Link
Get an agent Link
Further into the webinar Chris Danes, a Tax Partner at MHA MacIntrye Hudson, reveals the 4 key ‘I’s’ of preparing for the tax implications that companies may face when doing business in the EU after the end of the Transition Period. These are:
Initiate a detailed conversation with your main EU tax advisor to agree a coordinated and efficient approach to Brexit changes.
Identify all areas of risk and opportunity
Immediately agree the plan to mitigate risks and explore opportunities
Implement the right solution with an advisor that understands the business to ensure short, medium and long term success
Detailed and expert advice that will help towards your preparations for the start of 2021… give it a watch!