The government has said it will start automatically enrolling UK firms in a customs system as it speeds up its preparations for a no-deal Brexit.
The move will enable UK firms to continue to trade with EU member states after the UK leaves the EU.
Business trade groups had urged the government to act after many firms failed to register for the system.
The CBI said it was “a sensible move” but “one of hundreds of things that needed to be done” in a no-deal event.
HMRC said all VAT-registered firms in the UK – which had not already signed up to the customs system – would receive an ID number within the next two weeks.
The so called Economic Operator Registration and Identification (EORI) number will allow firms to continue to trade with customers and suppliers in the EU once the UK has left the EU on 31 October.
Firms without an EORI number will not be allowed to trade with EU member states after Brexit.
So far, 72,000 companies had registered for an EORI number. The government said its auto-enrolment scheme would mean 88,000 more firms would be registered.
A review from Swedish Customs states that the majority of the largest import companies in Sweden have declared their imports with incorrect values. To reduce risks and costs – team up with an experienced trade and customs management partner.
Customs is a complex field, and to reduce the risks of unnecessary costs, in addition to internal mitigations companies could consider teaming up with an experienced partner that specialises in trade and customs management.
Over five years, Swedish Customs has reviewed the 100 companies in Sweden with the largest value of imports, in order to make sure that they declare their customs correctly, along with taxes and other fees. The review shows that two-thirds of the companies had made errors that resulted in extra fees.
The most common errors were incorrect value of goods declared, entering a commodity code with a lower fee than the correct code, and transactions not being accounted for. In some cases, companies had also paid too much customs duty.
According to Swedish Customs, common reasons for the errors are mishandling or a lack of knowledge. Customs is a complex field undergoing constant change, and even with good in-house competence, there is always a risk that mistakes will be made.
One way to build extra capability and reduce the risk of unnecessary errors is to team up with an experienced partner that specialises in trade and customs management. With expert knowledge, frequent updates and a better overview generally, companies can reduce their costs while increasing efficiency.
There are many advantages to working with a trade and customs management partner, from operational support to strategic advisory regarding performance and optimisation. Please don’t hesitate to explore your options with KGH.
The several hundred free trade agreements in force for goods have to be utilised in an optimised way. And for goods without FTAs, customs duties must be calculated and paid correctly, according to the relevant legislation. With an experienced partner in addition to your internal resources, costs could be reduced and mistakes avoided.
Predictable, speedy, efficient customs processes give customers competitive advantages – reduced working capital, ensuring delivery certainty, and enabling just–in-time business processes. This could be supported both by digital solutions and strategic advisory.
Control and Risk Mitigation
Being involved in international trade means dealing with risks on a daily basis – compliance risks as well as risks with direct economic impact. All of which must be controlled and mitigated through a structured approach. Make sure you get the support you need.
Operational customs issues, such as customs declarations, have not been top of the agenda for most companies, and are very often handled in a fragmented way, spread across many service providers. This can result in lower quality, higher risks and extra costs. Today coordination, centralisation, harmonisation and, ultimately, automation of the processes is the way forward. Be sure not to miss out on opportunities regarding your cross-border trade.
If you want to learn more about customs management and our services, please contact Björn Höglund, Director, Trade and Customs Consulting, email@example.com or UK office, firstname.lastname@example.org
Boris Johnson begins his Breixt renegotiation with a letter to Donald Tusk. In short, the backstop must go, completely.
Here is the letter:
Boris Johnson will head to Berlin and Paris this week in a bid to secure a new Brexit deal, as Number 10 sought to play down a secret Whitehall no-deal dossier.
During trips to Germany and France, he will tell the leaders “there must be a new deal to replace the failed Brussels deal” – but if one cannot be struck, the UK is prepared to leave the EU on 31 October without an agreement.
Number 10 said it expects there to be “very little discussion” of Brexit during the visit to Berlin on Wednesday and Paris on Thursday, with other topics to be the focus.
You can read the entire article here: PM to meet EU leaders as Number 10 plays down leaked documents of no-deal warnings
Source: Sky News
The Government of Gibraltar has today issued a statement about No-Deal Brexit preparations since The Sun published an article saying differently.
Here is the statement:
“The Sunday Times Yellow Hammer Report is out of date and wrong on Gibraltar. Read our full statement here: bit.ly/2MoPEKW
I can personally verify that the Government of Gibraltar has been doing exactly what is necessary – as stated by the Chief Minister & Deputy Chief Minister in the statement above.
I have been invited several times as Customs and Brexit expert to Gibraltar during the last year. I am impressed by the solid work done by Gibraltar Government. I wrote so on Twitter.
I was really honored to get this reply on Twotter from Fabian Picardo, Chief Minister of Gibraltar is the head of Her Majesty’s Government of Gibraltar.
Thank you Sir.
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