In July 2020, the UK government published “A guide to how the border with the European Union will work after the transition period”. The 206-page document entitled The Border with the European Union: Importing and Exporting Goods outlines the new legislation, which will affect all businesses, large or small, on both sides of The English Channel.
Cambridgeshire Chambers of Commerce in conjunction with Bedfordshire Chambers of Commerce organised an event in the context of preparing to trade with the EU from January 2021.
The webinar “UK Border Customs Controls from 1/1/2021 — What it means for your business” offered an invaluable insight into the forthcoming legislation and some useful advice on how to adjust EU trade to the new customs regulations.
As the country has left the single market, from January 2021, customs arrangements will inevitably change and exporters/ importers of goods have only 23 weeks to get ready for new systems and processes critical to your business.
The guest speaker at the event, Liam Smyth, Director of Trade Facilitation at the British Chambers of Commerce, a customs and trade expert, member of HMRC Joint Customs Consultative Committee, provided an insight and comment on the new UK Border Operating Model, advise on the actions businesses should take at this moment in the context of preparing for future trade.
Some of the key points from the webinar:
- The legislation comes into force at the start of the year 2021 and traders will have 6 months before the full customs declarations (EIDR/CFSP) become compulsory.
- Businesses will have to keep records of imported/exported goods for VAT and customs purpose.
- The threshold for simplified declaration is set at £135
- The responsibility of paying VAT is placed on the buyer of goods at the country of their arrival.
- The US trade deal is likely to be delayed due to the forthcoming elections in the USA.
- Any trade deals with other countries are likely to depend on the exit agreement with the EU.
- However, a trade deal with the European Union will not affect border control, i.e. the need to do declarations will stay in place regardless of the nature of the agreement.
Below are some slides from the webinar:
For more information and guidance, please refer to ChamberCustoms and study the respective document on the UK HM Government website .
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