News

Brexit "No Deal" Papers Published

Thursday 23rd August 2018

The UK Government has published a set of documents aimed at helping UK public and businesses prepare for a potential "No Deal" exit from the EU. Link To No Deal Papers

The documents cover a wide range of UK economic, and indeed, personal life.

It is interesting, but not surprising, to note that the more Customs specific papers say what we at Grosvenor/BluJay have been saying since the EU Exit Referendum;

"Businesses may want to consider whether using customs procedures would be beneficial. These allow businesses to delay or relieve the payment of customs duty for goods they import into the EU until goods are ready to be released into free circulation. A customs broker, freight forwarder or logistics provider can advise in the event of a 'no deal' scenario whether one of these procedures would be suitable for your business. Customs procedures include the following:

customs warehousing: this allows businesses to store goods with duty or import VAT payments suspended. Once goods leave the warehouse, duty must be paid unless the business is re-exporting, or moving goods to another customs procedure. The warehouse must be authorised by HMRC

inward processing: this allows businesses to import goods from non-EU countries for work or modification in the EU. Once this has been completed, any customs duty and VAT due must be paid, unless goods are re-exported or moved to another customs procedure, or released to free circulation

temporary admission: this allows business to temporarily import and or/export goods such as samples, professional equipment or items for auction, exhibition or demonstration into the UK or EU. As long as the goods are not modified or altered while they are within the EU, the business will not have to pay duty or import VAT

authorised use: this allows a reduced or zero rate of customs duty on some goods when used for specific purposes and within a set time period."

and, in terms of both import and export declarations;

".....consider how they will submit import declarations, including whether to engage a customs broker, freight forwarder or logistics provider (businesses that want to do this themselves will need to acquire the appropriate software and secure the necessary authorisations from HMRC)."