The Brexit Transition Period is in effect since February. Deadlines to apply for customs funds were extended. What else is relevant and why you need to act now.
Officially leaving the EU on January 31, 2020 was received with mixed feelings by the UK business community: Relief about achieving this milestone after more than 3 years in a long-winded process, but uncertainty about what exactly it means for preparing cross-border supply chains.
While it sounds like "Brexit is done", everyone involved in trade across UK borders knows full well that this milestone has merely launched the next phase. The start of the Transition Period kicked off a number of tangible actions such as trade negotiations and cross-border preparations.
As part of this, the UK government has mailed 220,000 letters to VAT-registered businesses in the UK and Northern Ireland at the end of January. Did you receive yours, too?
These letters explain how businesses who import and export between the UK and the EU can prepare for changes to customs arrangements after the end of the Transition Period. This refers to the date December 31, 2020 – the last of this year's three key Brexit deadlines.
AEB Brexit Tool Kit - Transition Period and next steps at a glance
It is important to note:
Good news – funds to claim:
Just this month, HMRC extended the deadline for businesses to apply for customs support funding to January 31, 2021. This is aimed at GB/EU traders and the approach does not apply to the flow of trade between Northern Ireland and Ireland, or between Northern Ireland and GB.
At the time of the press release, applications had been made for around £18.5 million out of a possible £26 million – leaving at least £7.5 million left for businesses to claim from HMRC.
Go through the following checklist to get started. And remember: The time to wait has passed, it's vital to get cross-border supply chains and UK customs processes ready now.
If you haven’t imported or exported before, you need to register and get an EORI number. Download this guide to get started in six steps.
Cross-border supply chains depend on smooth customs clearances. Go through our online checklist for important points of consideration.
Customs management is digital and the right software set-up is vital for declarations, broker integration and more. Check what you need.
You know you trade across UK borders and you know you need to act now. But you are unsure how? Discuss your individual customs needs with us.
