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Brexit extension announced - what now?

Today the EU announced its agreement to the UK’s request for an extension to Article 50 to January 31st, 2020.

This comes after the government was forced to ask the EU for an extension under the Benn Act after MPs rejected the new three day timetable to go through the legal text behind the latest proposed Withdrawal Bill.

> What you need to know

From an international trading point of view, this means nothing will change until that date (or earlier if a deal is ratified before then).  If a Withdrawal Agreement gets approved by both parliament and the EU, then the UK will enter a transition period until at least December 2020, during which trade will continue as normal.

At present, a No Deal is still a viable possibility after that date, so we would urge customers to continue with contingency planning for a worst case scenario. You can follow our newly updated, quick-step No Deal Brexit Q+A here

> What you need to do

To avoid any potential delays to your shipments in the event of a No Deal, please ensure you provide us with key information here.

See below three very important yet easy steps you can easily do now to prepare – and feel your best come crunch date!

       1. Apply for an EORI Number.

This really could not be easier - if you want to trade with the EU after a No-Deal Brexit, you will need one! This number will need to be quoted on import & export customs declarations.

You can apply for an EORI number HERE - It only takes 5-10 minutes.

       2. If you currently import from mainland EU into the UK – Apply for TSP.

TSP (Transitional Simplified Procedures) has been designed by the government to offer a frictionless solution for UK imports, in short, to try and avoid any bottlenecks at major EU entry ports such as Dover.

Rather than having to arrange for an import customs entry for your goods, you simply need to quote your EORI number! 

Apply via the HMRC website HERE.

  • You will need a Customs Deferment Account to pay any import duty due
  • The business should be established in the UK
  • HMRC will expect you to keep records of your imports coming in via TSP and
  • You will need to submit a TSP return by the 4th working day of the following month (first declaration suspended for six months).

      3. Find out what Customs Tariff codes apply to your products

These will need to be declared on any import/export declarations to HMRC for each movement unless you have TSP for imports, in which case you only need to make one declaration a month.

The tariff code will determine what percentage of import duty you will need to pay, so it’s important to get it right!

Use the HMRC trade tariff .

If you are unsure which one is correct, you can email details to HMRC

Finally, ensure that your EU Customers/Suppliers are aware that they may need to arrange import/export customs declarations on the EU Mainland.

If you have questions or would like to chat through possible Brexit planning, please contact our dedicated team here. 

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