A “No Deal” Brexit means that no ratified withdrawal agreement and no transition plan is in place when UK exits EU March 29, 2019. Does your company have plans to ensure a smooth transition to avoid disruption of your business? Contact our experts today to help you make contingency plans!
How can we help you?
- Identify levels of risk exposure for your company: build your own Brexit checklist
- Implement Brexit contingency plan, including risk mitigation options
- Identify the key players in your company to communicate the Brexit “No Deal” risks and implement the Brexit plan
- Develop a plan to communicate with your EU/UK/US clients, suppliers and partners
What are the issues? The free movement of goods between UK and EU will end and the goods will be subject to customs formalities.
- Submit customs declarations: commercial invoices and declaration are required for all transactions. This includes a full description, tariff classification and possible other information. The World Trade Organization (WTO) rules apply. How do WTO rules impact regulations?
- An export license will be required for all UK-EU goods.
- NO Free Trade Agreement with EU. The UK will no longer be part of 40 trade deals with other countries. How will this affect your company?
- Indirect taxes are paid immediately. Taxes such as VAT must be paid in the EU immediately upon importation. Consider that your company may not recover VAT in and out of the UK.
- Have you planned to prevent supply chain disruptions? Plan for customs delays or other disruptions by ensuring there is enough stock in inventory.
- Could your goods be delayed to your EU market? If the EU doesn’t continue to recognize EU- certified products, your goods could be stuck in the supply chain. Have you made contingency plans?