Have a look at some of the most frequently asked questions relating to Brexit.
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Currently, there are a number of companies, both in the UK and in the EU, who have never previously had to make a customs declaration. This situation will change, of course, with Brexit, and it is anticipated there could be a fourfold increase in customs declarations under a no-deal Brexit. Shippers not experienced with customs declarations (and the importance of supplying detailed information including proper HTS coding, valuation for goods, etc) will likely experience delays as they update their systems and/or knowledge in order to meet these new requirements. Biocair is well positioned to assist with this process, as we employ technical experts who are able to advise and assist with all aspects of import/export regulation, and our Compliance team works closely with Operations staff to ensure that support provided to shippers is comprehensive and tailored to their requirements. Additionally, Biocair already provides the necessary services associated with shipments from third-party countries, so we are fully aware of the requirements and the level of detail needed to expedite the clearance process. In addition to our in-house experience with shipping from third-party countries, Biocair also utilises an extensive network of suppliers who are able to provide assistance with logistical challenges in every EU country. Our network of suppliers, combined with years of experience shipping into EU destinations from third-party countries, enable Biocair to quickly and accurately determine the shipping requirements that must be met.
In addition to updating corporate infrastructure to be able to process customs declarations, many companies are taking steps now to ensure adequate cash flows for VAT. Intra-EU trade is currently exempt from VAT. However, Brexit poses a potential cash-flow issue as VAT will be charged at the border. Many companies are also looking to gain AEO (Authorized Economic Operator) status, as this will allow faster clearance at borders if a company’s procedures are deemed compliant by authorities in both countries. As an Authorized Economic Operator in the UK, Biocair's compliance record and knowledge of the customs and trade process has been extensively audited and recognized by HMRC. Our Compliance Team includes experts qualified through the Institute of Export, of which we are a member.
Currently there is free movement of goods between EU countries. However, if there is no customs agreement post Brexit, shipments are likely to incur duties and require customs clearance.
The UK will be a third-party country; transactions are therefore expected to carry similar requirements for consignments to and from countries like the US (in the event of a no deal). There are no guarantees that this will be the case, but it is the most likely scenario.