The UK as an ex-member of the EU is presently allowed to avail favored market rights to 40 countries from 70. Keep in mind that those 40 countries trade with the EU already.
If there would be no new contracts to make up for the preceding losses in the business industry, the UK will have to follow the tariffs rules imposed by the World Trade Organization. Negotiations are ongoing to avoid Britain from suffering massive losses in merchandise trades.
If you are planning Exporting to EU, after Brexit, then you must know and follow the below points:
As an entrepreneur, you need to ensure that your company has an EORI number. To keep on importing your products to the UK, a 12-digit number called EORI beginning with GB is a must-have. If your company does not own any EORI number, there may be delays and higher costs when you import goods and commodities. However, if your business is service-centered, then EORI will not be a requirement.
If you are trading in the EU for your company’s products, there would be a requirement of an EU EORI. If you don’t have any number with this name, then you should apply for it at the customs office of any EU member country. For the time being, it is possible to have alternate ways of exporting goods.
For example, the top 3 Italian exports are metals, machinery, and textiles. Learn more about this, reading this article about Italy’s exports. Until the Brexit period ends, it is very convenient to export products, but after that, the rules would be even more difficult in terms of weight, or quantity.
To create an export statement, you can employ a special agent or expert. Even if you are capable enough, you can do it yourself too.
- Freight agents can help you deliver goods all over the world, and even help you clear customs at the borders.
- If you opt for presenting an export statement to customs by yourself, then be mindful of three key factors when exporting goods from the UK. Those 3 keys are:
- How to create?
- When to create?
- Which documents should you have for custom clearance?
If you export products and commodities from the UK to any member country of the EU, the EU importer should pay duty taxes for the products and commodities to be received. The amount of taxes and fees payable depends on the type of products exported.
You have to see the guidelines about exporting different goods. For example, you will need a license for exporting goods like tobacco, etc.
The VAT procedure is going to change after Brexit. Therefore, you need to see and plan how you can claim it from the EU members.
In the post-Brexit period, you can use a representative/contractor to ship your goods out of the UK at any time, but if you ship by yourself, you must get an operator license to transport the goods without any hurdle at the border.
Your queries about exporting goods to the EU after Brexit are always welcomed. Drop your message for us or ask in the comments below!
Jason is the Marketing Manager at a local advertising company in Australia. He moved to Australia 10 years back for his passion for advertising. Jason recently joined BFA as a volunteer writer and contributes by sharing his valuable experience and knowledge.