Brexit – What does it really mean for your business?
The UK is set to withdraw, or as some people see it ‘to be set free’ from the EU at 11 pm on 31 January 2020, after which there will be an 11-month transition period terminating on 31 December 2020. During the transition period, the UK and EU will seek to, or at least attempt to, negotiate the terms of the UK's future relationship to the EU. During this period, the UK will continue to follow all of the EU's rules and its trading relationship will remain the same.
The UK will have no formal say in making or amending EU rules and regulations, but it will have to follow them. The great advantage of transition, of course, is that it buys more time for businesses to prepare for what process will be implemented and what it means for them.
The transition also gives the UK continued access to EU databases on crucial issues like security while a future relationship is negotiated.
The United Kingdom’s withdrawal from the European Union will affect companies that trade with the UK or are affected by UK participation in the single market. So, these next 11 months are vital for preparations to be made to stay or arranging a rather large move! The question is how many of the big companies will stay?! I guess only time will tell!
Preparing your business and what you can do now while the negotiations are taking place.
You will need an EORI number to move goods into or out of the EU (including the UK). If you are unsure, you can contact a post or parcel company who can advise if you need an EORI number and the process you will need to follow.
If you do not get one, you may have increased costs and delays. For example, if HM Revenue and Customs (HMRC) cannot clear your goods you may have to pay storage fees. This will take effect from the 1st of January 2021.
To find out more go to https://www.gov.uk/eori
Your company will need to decide how you want to make customs declarations or whether you outsource this to a company. Whilst this will be an additional cost it is worth bearing in mind to eliminate the extra paperwork that will be involved.
Contacting one of the following would be a good place to start:
· freight forwarders
· customs agents or brokers
· fast parcel operators
Some of the key points that you will need to find out from them is:
· the services they provide
· what you want them to do
· the commercial agreement you have with them
· Who will be liable for the disposal of the information given?
They’ll need to be established in the EU.
Click on the link below to see the advice in full on the government’s website. You will also find a list of customs agents and fast parcel operators specialising in this process.
Whilst the next 11 months may seem a little sketchy, the good news is that Mill Studio is staying exactly the same – offering great services to our businesses, with our friendly staff at hand to help. If you would like to become a part of our local business community operating from Mill Studio please call on 01920 464464 or email firstname.lastname@example.org.