search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
GOING GLOBAL


GOING GLOBAL


NO MORE TRANSITION


AT THE UK BORDER By Liam Smyth (pictured), ChamberCustoms


The UK left the European Union on 31 January 2020, and the transition period comes to an end in December this year. It is vital that businesses take action now to get ready for a new border operating environment from 1 January 2021. The new border operating model was published on 12 July, and it’s now clear that businesses need to prepare for a significantly higher level of customs declarations and associated administration. It candidly states “customs declarations are complicated”.


THE DETAIL New border procedures for importing and exporting goods to and from the EU will be in place. Traders importing ‘standard goods’ – covering everything from clothes to electronics – will need to prepare for new customs paperwork. You will need to keep specific records of imported goods and you can opt to take up to six months to submit a full customs declarations for goods arriving from the EU.


The Chamber’s INTERNATIONAL TRADE TEAM will help you navigate your way through all of the regulatory procedures and documents that you’ll need for successful international trading


Taxes will need to be paid on all


imports, but payments can be deferred for up to six months until July. This will help trader cash flow until the end of 2021, but only if you or your agent have the correct approvals in place to use simplified procedures. Full customs requirements will apply to controlled goods from 1 January 2021 whether they arrive from the EU or elsewhere. Businesses will be able to account for VAT on goods imports using


Postponed VAT Accounting from the start of the new year. This means that once the staged introduction period ends, payment of VAT due on imported goods can be delayed until the next VAT return.


WHAT DOES THIS MEAN FOR BUSINESS? Despite the much-needed clarity on customs procedures, and a welcome delay through staged introduction of full customs controls, big challenges remain for most businesses. Companies trading across the globe will need to make a choice. Should


they take advantage of the staged introduction of measures for EU imports and gain a cashflow advantage? Or stick with what they already know, and use the newly introduced postponed VAT accounting and guarantee free deferment accounts to delay border taxes by up to six months? There is much to do and qualified and compliance led customs experts


are becoming a rare commodity. The Chamber network is here to support you and to help you to trade with confidence.


OCTOBER/NOVEMBER 2020 inbusiness 15


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36