With the impending exit (midnight on 31 December 2020) out of the EU less than a month away there are a number of key actions that need to be / should have been undertaken:
Apply for an Economic Operator Registration and Identification (EORI) number – needed for businesses who import or export goods http://www.gov.uk/eori
Source an agent to deal with Customs (make sure based in the UK) – which applies to importing and exporting businesses (typically if you are using a freight forwarder they would be able to assist)
https://www.gov.uk/guidance/list-of-customs-agents-and-fast-parcel-operators
Copyrights, trademarks and patents – make sure that anything you hold is still compliant / valid:
https://www.gov.uk/guidance/changes-to-copyright-law-after-the-transition-period
Business owners who travel to Europe:
Travelling to the EU on business will involve some extra actions so make sure entry documents, insurance and if you are working in the EU (particularly in legal services) you have a recognised qualification.
https://www.gov.uk/visit-europe-1-january-2021/business-travel-extra-requirements
Business to business organisations with customers in the EU:
The VAT regime will clearly change but it depends on what you have agreed with your customers, which might be the key to this, options include –
Delivered Duty Paid (DDP) method – which is a method where the seller assumes all the responsibility until the buyer takes control, a VAT registration in the country you export to maybe required.
Ex works method – which is where the buyer picks up the goods from the seller and therefore assumes the responsibility, this would mean the EU customer would need a EORI number.
Effectively it’s all about setting/knowing the Incoterms pre Brexit.
There are a number of questions still without answers but a good source of guidance can be found using the Brexit transition link below.
Any further questions not answered or any translations needed (into plain English) please contact our Brexit champion Sean Maloney on 01482 427360.
